Meridian Bioscience says $4 million 7% convertibles exchanged

New York, Jan. 30 - Meridian Bioscience Inc. said holders tendered $4 million principal amount of its existing 7% convertible subordinated debentures due 2006 in its offer to exchange them for new 5% convertible subordinated debentures due 2013.

The Cincinnati maker of diagnostic products for infectious diseases had been offering to exchange up to $12 million of the securities.

Meridian added that it will soon start redeeming at par all or part of its remaining 7% convertibles.

The first call will be for $4 million in February.

The exchange expired at midnight ET on Jan. 28. It was originally announced on Nov. 12 and subsequently extended.

Meridian was offering an equal principal amount of new 5% convertible subordinated debentures due Sept. 1, 2013 for the existing convertibles.

The new securities have a lower conversion price of $14.50 per share compared to $16.09 on the existing debentures.

The new debentures will be callable from Sept. 1, 2004 onward at 103, declining to par on Sept. 1, 2007. The existing securities became callable on Sept. 1, 2003 at par.

Meridian previously had $20 million of the 7% convertibles outstanding.

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