Integra LifeSciences exchanges $115.205 million 2.5% convertibles

By Jennifer Chiou

New York, Oct. 2 - Integra LifeSciences Holdings Corp. said it exchanged $115.205 million of notes in its exchange offer for its $120 million of 2.5% contingent convertible subordinated notes due 2008.

The offer ended at 5 p.m. ET on Sept. 26. The company previously had extended the deadline to 5 p.m. ET on Aug. 28 from 5 p.m. ET on Aug. 14.

At 5 p.m. ET on Aug. 25, holders of $8.2 million of notes had tendered their securities.

Integra previously said that the new notes will now have takeover protection, under which the company will pay a premium to holders who convert their notes upon the occurrence of a change in control of Integra and similar events.

As previously announced, other than the net share settlement feature, the new notes have substantially similar terms to the old notes.

On Aug. 14, the company waived the requirement that at least a majority of notes are tendered.

Previously on July 13, Integra announced a change to the calculation of the fee it will pay in the offer.

The company said the method for calculating the consideration to be paid to holders has been modified to reflect a daily calculation of the consideration payable upon conversion.

Those who elected to exchange their securities will receive an exchange fee of $2.50 per $1,000 principal amount of notes.

The Plainsboro, N.J., diversified medical technology company began the offer on July 17.

Georgeson Inc. is the information agent (call collect 212 440-9800 or 866 482-4943).

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