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PerkinElmer sets pricing, gets required consents for 8 7/8% notes
By Jennifer Chiou
New York, Nov. 8 - PerkinElmer Inc. said it set pricing in its tender offer for and received the required consents to amend the indenture of its $270 million of 8 7/8% senior subordinated notes due 2013.
In addition, all investors who tender will receive the full payment, including the consent payment, whether they tendered before the consent deadline or after.
The company, which began the offer on Oct. 25, said it will pay $1,119.64 per $1,000 principal amount of notes for investors who tender their securities prior to the initial settlement date. For those who tender their holdings on or after the initial settlement date but before the expiration of the tender, PerkinElmer said it will pay $1,118.65 per $1,000 principal amount of notes.
The amounts include a $20.00 consent payment.
PerkinElmer based pricing on the notes using a spread of 50 basis points over the yield to maturity of the 3% Treasury note due Feb. 15, 2008.
Pricing was determined at 2 p.m. ET on Nov. 8.
As of the consent deadline at 5 p.m. ET on Nov. 7, the company said it received tenders from holders of $269.891 million or 99.96% of the 8 7/8% notes.
The tender ends at 9 a.m. ET on Nov. 23.
In the consent solicitation, the Boston-based health sciences and photonics company is seeking to amend some provisions of the notes and their indenture.
PerkinElmer may buy all notes validly tendered at any time after pricing has been fixed.
Citigroup Corporate and Investment Banking (800 558-3745 or call collect 212 723-6106) and Goldman, Sachs & Co. (800 828-3182 or call collect 212 357-7867) are dealer managers. Global Bondholder Services Corp. is the depositary and information agent (866 470-4500 or 212 430-3774).
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