Open Solutions extends tender offer for convertibles

By Angela McDaniels

Seattle, Jan. 22 - Open Solutions Inc. said it extended the cash tender offer for its $270 million senior subordinated convertible notes due 2035 to 11 a.m. ET on Jan. 23 from midnight ET on Jan. 22.

The Glastonbury, Conn., provider of technology to financial institutions is offering $781.02 per $1,000 principal amount at maturity of the notes. It will also pay the cash interest due on the next coupon date of Feb. 2.

Open Solutions is carrying out the tender as part of its acquisition by The Carlyle Group and Providence Equity Partners Inc. and said it extended the offer in order to allow additional time for the consummation of the merger, upon which the tender offer is conditioned.

Wachovia Securities is dealer manager (contact liability management group at 866 309-6316). D.F. King & Co., Inc. is information agent and tender agent (800 431-9642 or 212 269-5550).

As of Jan. 22, holders had tendered $269.875 million of the notes, according to a company news release.

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