King Pharmaceuticals tenders for 2.75% convertibles

By Angela McDaniels

Seattle, April 28 - King Pharmaceuticals Inc. has launched a tender offer for its 2.75% convertible debentures due 2021, according to a company news release.

The company will pay $996.25 per $1,000 principal amount of convertibles plus accrued interest up to but excluding the repurchase date.

The tender offer will expire at 12:01 a.m. ET on May 26.

Citigroup Corporate and Investment Banking (877 531-8365) is dealer manager for the tender offer, and Georgeson Shareholder Communications Inc. (800 866-1394 or 212 440-9800) is information agent.

King is making the tender offer in order to reduce its debt, interest expense and potential dilution to earnings per share, according to the release.

After repurchasing $165 million of the convertibles in March, the company had $180 million 2.75% convertibles outstanding.

King is a pharmaceutical company based in Bristol, Tenn., that develops therapies and technologies for the cardiovascular/metabolics, neuroscience and acute-care settings.

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