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Chattem increases payout in consent solicitation for 7% notes
By Jennifer Chiou
New York, July 13 - Chattem, Inc. said it augmented the fee in its consent solicitation for its $107.5 million of 7% senior subordinated notes due 2014 to $40.00 from $15.00 per $1,000 principal amount.
Investors are being asked to permit an $85 million increase in the company's capacity to make restricted payments, including repurchasing common stock.
Chattem needs consents from holders of a majority of the notes to make the change.
The solicitation ends at 5 p.m. ET on July 14 unless extended. It began on June 26.
Chattem, a Chattanooga, Tenn., maker of consumer products, previously said its directors have authorized the repurchase of up to an additional $100 million of its common stock under the repurchase program.
Question can be direct to Wachovia Securities (liability management group at 704 715-8341 or 866 309-6316). Global Bondholder Services Corp. is information agent (212 430-3774).
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