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Inverness Medical accepts tenders for all 8¾% notes due 2012
By Jennifer Chiou
New York, June 26 - Inverness Medical Innovations, Inc. said it accepted tenders from holders of all of its $150 million of 8¾% senior subordinated notes due 2012.
The tender offer expired at midnight ET on June 25.
The company previously obtained the required consents, allowing it to amend the note indenture to eliminate substantially all of the restrictive covenants. The supplemental indenture that contains the amendments has now become operative.
The company paid $1,061.95 for each $1,000 principal amount of notes tendered, plus accrued interest up to but excluding June 26, the settlement date.
The payout included a $20.00 consent fee for each $1,000 principal amount of notes tendered by 5 p.m. ET on June 11, the consent deadline.
The tender consideration was calculated at 2 p.m. ET on June 11 based on the yield of the 3% U.S. Treasury note due Feb. 15, 2008, which was 5.038%, plus 50 basis points.
The total purchase price for the notes is $164.1 million.
The tender offer and consent solicitation were conducted in connection with Inverness Medical's acquisition of Biosite Inc. Inverness added that it completed the initial period of its tender offer for the outstanding shares of Biosite, noting that 15,759,794 shares, or 87.6%, of Biosite stock were tendered.
Settlement of the tender offer was conditioned on the receipt of at least $1.3 billion of new financing and the completion of the acquisition.
UBS Investment Bank (888 722-9555) was the dealer manager. The Altman Group, Inc. (800 398-2142) was the information agent.
Inverness Medical is a Waltham, Mass.-based developer of medical diagnostic devices.
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