Integra LifeSciences exchanges $4.337 million 2.5% convertibles

By Jennifer Chiou

New York, Oct. 26 - Integra LifeSciences Holdings Corp. issued $4.337 million of new 2.5% contingent convertible subordinated notes due 2008 in exchange for an equal amount of old 2.5% contingent convertible subordinated notes due 2008, according to an 8-K filing with the Securities and Exchange Commission.

The Plainsboro, N.J., diversified medical technology company also made a one-time cash payment of $2.50 for each $1,000 principal amount of notes tendered.

The new notes have a net share settlement feature but otherwise have substantially similar terms to the old notes.

The new notes are convertible, under some circumstances, into cash and Integra shares. The initial conversion rate is 29.2847 shares per $1,000 principal amount of notes, or $34.15 per share.

On Sept. 29, the company exchanged $115.205 million of old notes for the new convertibles.

Integra previously said that the new notes will now have takeover protection, under which the company will pay a premium to holders who convert their notes upon the occurrence of a change in control of Integra and similar events.

Wells Fargo Bank, NA is the trustee.

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