Bausch gets required consents for 7.125% debentures, other notes, convertibles

By Jennifer Chiou

New York, May 22 - Bausch & Lomb announced it received the required consents in a consent solicitation for its $183.873 million of 7.125% debentures due 2028.

On May 17, the company said it received the required consents in its related consent solicitations and tenders for its $150 million of 6.95% notes due 2007, $50 million of 5.9% notes due 2008 as well as its $155.902 million of senior convertible securities due 2023 and $4.098 million of floating-rate convertible senior notes due 2023.

As of May 17, Bausch & Lomb said it received tenders from holders of 90% of its 6.95% notes, all of its 5.9% notes, 82% of its senior convertibles due 2023 and all of its floaters.

Bausch & Lomb noted it intends to complete supplemental indentures.

The tender ends at 5 p.m. ET on June 2. The offer began on May 5.

The solicitation for the 7.125% debentures had been extended to 5 p.m. ET on May 18 from 5 p.m. ET on May 17.

Those who tender by the consent deadline will receive par, which includes a $1.00 per $1,000 principal amount of 7.125% notes consent payment.

The proposed amendments to the convertible debt would waive until midnight ET on Oct. 2 any defaults caused by the company's failure to file its financial reports with the Securities and Exchange Commission.

For notes series other than the 7.125% debentures, holders who delivered consents by 5 p.m. ET on May 17 will receive a payment of $1.00 per $1,000 principal amount per 30-day period from June 2 onwards. The maximum payment is $4.00 per $1,000.

Bausch & Lomb needs consents from holders of a majority of each series of convertibles.

For the debt securities, Bausch & Lomb is offering to buy the securities at par or pay a fee for a waiver of the technical defaults similar to that requested for the convertibles.

Citigroup Corporate and Investment Banking is lead dealer manager for the tender offers and solicitation agent for the consent solicitations (800 558 3745). Co-managers for the tender offer and consent solicitations are Barclays Capital, JP Morgan Securities Inc., Key Banc Capital Markets, and Mitsubishi UFJ Securities. Global Bondholder Services is the information agent (866 540 1500).

Bausch & Lomb is a Rochester, N.Y., eye care company.

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