NovaMed begins tender offer for $75 million 1% convertibles due 2012

By Susanna Moon

Chicago, May 17 - NovaMed, Inc. said it began a tender offer for its $75 million principal amount of outstanding 1% convertible senior subordinated notes due 2012.

The company will pay par plus accrued interest to the repurchase date of June 16, according to a company news release.

The offer will run until 5 p.m. ET on June 14.

Each $1,000 principal amount of notes is convertible into $693.2453 in cash. This is equal to the conversion rate in effect just before the closing of the company's acquisition by Surgery Center Holding, Inc. - 52.3204 shares - multiplied by the merger price of $13.25 in cash per share.

Tendered notes may be withdrawn at any time before 5 p.m. ET on June 15.

U.S. Bank NA (800 934-6802) is the trustee, paying agent and conversion agent.

NovaMed is based in Chicago and operates, develops and acquires ambulatory surgery centers in partnership with physicians. Surgery Partners is a Tampa, Fla.-based acquirer, developer and manager of free-standing ambulatory surgical centers.

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