Aptalis gets needed consents for 12¾% notes; remainder to be called

By Jennifer Chiou

New York, April 18 - Aptalis Pharma Inc. (formerly known as Axcan Holdings Inc.) announced the receipt of tenders and consents from the holders of $157,442,000, or 80.7%, of its $195 million of 12¾% senior notes due 2016 by the early deadline.

The company is soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default. It has entered into a supplemental indenture after accepting the early tenders and consents.

The offer is set to end at midnight ET on May 1, after launching on April 5.

The company said it will redeem the remainder of the notes following the offer.

For each $1,000 principal amount, the company is offering $1,071.25, including a $30.00 consent payment to those who tendered prior to 5 p.m. ET on April 17. Accrued interest will also be paid.

There is a financing condition, and the company had to obtain consents from holders of a majority of notes to be able to amend the indenture.

Aptalis said that it will use cash on hand, together with borrowings under a new tranche of term loans, to fund early settlement and the redemption of the remaining notes.

Bank of America Merrill Lynch is the dealer manager and solicitation agent (888 292-0070 or call collect 980 387-3907). D. F. King & Co., Inc. is the information agent and tender agent (800 488-8095 or call collect 212 269-5550).

Aptalis is a Bridgewater, N.J.-based specialty pharmaceutical company.

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