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Par Pharmaceutical holders tender $30.81 million 2.875% convertibles
By Angela McDaniels
Tacoma, Wash., Nov. 25 - Par Pharmaceutical Cos., Inc. received tenders for $30,805,000 principal amount, or 39.2%, of its 2.875% senior subordinated convertible notes due Sept. 30, 2010, according to a company news release.
A modified Dutch auction tender offer for the notes ended at midnight ET on Nov. 24.
All the tendered notes were accepted, and holders will receive par plus accrued interest up to but excluding the purchase date.
The company offered to purchase up to $65 million of the $78,551,000 outstanding principal amount of notes for $982.50 to $1,000 per $1,000 principal amount.
If the principal amount of convertibles tendered at or below the selected purchase price had exceeded $65 million, the company would have accepted convertibles tendered at or below the purchase price on a pro rata basis.
The tender offer began Oct. 14 and was not conditioned on any minimum principal amount of convertibles being tendered.
On Nov. 9, the company increased the bid price range and extended the expiration date. Before the changes, the range was $990.00 to $982.50 per $1,000 principal amount and the offer was set to expire on Nov. 11.
Par previously said it was conducting the tender offer in order to reduce its outstanding debt and to provide an opportunity for holders to gain liquidity that they may not otherwise have.
The company expected to fund the offer with available cash on hand.
JMP Securities LLC was the dealer manager, and the information agent was Georgeson Inc. (888 877-5360 or, for banks and brokerage firms, 212 440-9800).
Par makes generic drugs and branded pharmaceuticals for specialty markets and is based in Woodcliff Lake, N.J.
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