King Pharmaceuticals holders put $397.31 million 1.25% convertibles

By Susanna Moon

Chicago, March 1 - King Pharmaceuticals, Inc. said investors tendered $397,305,000 of its $400 million of 1.25% convertible senior notes due 2026 and the company will purchase the tendered notes on March 3.

The company will pay par plus accrued interest to the purchase date for the convertibles.

The offer is related to the change of control resulting from Pfizer Inc.'s acquisition of about 92.5% of the company's outstanding common stock.

The fundamental put option expired at 11:59 p.m. ET on Feb. 28.

After the purchase, $2,695,000 principal amount of the notes will remain outstanding.

The company also said that the notes are convertible at any time until 30 days following the merger of a Pfizer subsidiary into the company, with the company surviving the merger as a subsidiary of Pfizer.

The trustee, paying agent and conversion agent for the offer was Bank of New York Mellon Trust Co., NA (212 815-3687).

King Pharmaceuticals is a Bristol, Tenn.-based branded pharmaceutical company.

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