Bausch & Lomb to tender for notes if Warburg Pincus merger proceeds

By Laura Lutz

Des Moines, July 10 - Bausch & Lomb Inc. plans to conduct a tender offer and consent solicitation for most of its publicly traded debt securities if a buyout by Warburg Pincus LLC goes ahead.

The securities include $421,000 principal amount of 6.56% notes due 2026, $133.2 million of 6.95% senior notes due 2007, $50 million of 5.9% senior notes due 2008, $4.1 million of floating-rate convertible senior notes due 2023 and $155.9 million of 2204 senior convertible securities. Those securities were outstanding as of March 31.

The company also had $66.4 million principal amount of 7 1/8% debentures due 2028 outstanding as of March 31, but it would not be required to tender for those debentures.

Settlement of the offer would depend on completion of the merger.

The Warburg Pincus deal may not proceed, because Advanced Medical Optics Inc. has submitted an alternate buyout proposal.

On May 17, Warburg Pincus offered to acquire all Bausch & Lomb shares for $65.00 each in cash.

Under Advanced Medical Optics' July 9 proposal, each Bausch & Lomb share would be exchanged for $45.00 in cash and a fixed number of shares with a value of $30.00.

Based in Rochester, N.Y., Bausch & Lomb is an eye health company.

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