Meridian Bioscience calls remaining 5% convertible debentures

By Jennifer Chiou

New York, Jan. 30 - Meridian Bioscience, Inc. announced that it will redeem on March 1 its $1.5 million of 5% convertible subordinated debentures due Sept. 1, 2013 at a 1% call premium plus accrued interest.

The Cincinnati, Ohio-based life science company said that up to the close of business on Feb. 27 holders may convert their securities into Meridian Bioscience shares at a conversion price of $9.67 per share.

On Jan. 26, Meridian shares closed at $29.45 per share.

The company noted that the value of the 5% convertible debentures is greater than the par value redemption plus call premium of $1,010 per debenture if converted when the stock price is above $9.67 per share, excluding any transaction costs.

For example, using the $29.45 per share value, the converted 5% debenture has an approximate value of $3,046 as compared to the par value of redemption plus call premium of $1,010.

LaSalle Bank, NA is the trustee and paying agent (312 904-2226).

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