PerkinElmer starts tender for 0% convertibles due 2020

New York, Dec. 2 - PerkinElmer, Inc. announced a cash tender offer for its outstanding zero-coupon convertible debentures due Aug. 7, 2020.

The Boston technology company said it is offering to buy the convertibles at their accreted value up to but excluding the day the securities are paid for. Assuming the payment date is Dec. 30, PerkinElmer will pay $542.88 per $1,000 principal amount at maturity of the convertibles, with the payment made up of the original issue price of $499.60 plus accrued original issue discount of $43.28.

As of Nov. 26, the company had $722.3 million principal amount of $390.9 million accreted amount of the convertibles outstanding. At that same date, the securities convert into 11.757 shares each. PerkinElmer stock closed at $8.84 on Monday.

PerkinElmer said the tender is part of its recently announced refinancing.

The tender is subject to various conditions including receipt of funding under the refinancing plan.

The tender expires at midnight ET on Dec. 27 unless extended.

Dealer manager for the offer is Merrill Lynch & Co. (call 888 ML4-TNDR or 212 449-6025) and the information agent is D.F. King & Co., Inc. (banks and brokers call collect 212 269-5550, others call 800 659-6590).

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