Lantheus Medical gets needed consents to issue more 9¾% senior notes

By Susanna Moon

Chicago, March 16 - Lantheus Medical Imaging, Inc. said that holders delivered consents for all of the company's outstanding $250 million principal amount of 9¾% senior notes due 2017.

The company sought consents to amend the notes to modify the restricted payments covenant for a $150 million restricted payments basket.

The amendments allow Lantheus to issue additional notes and use the proceeds to make a distribution to its immediate parent company and indirectly to its ultimate parent company, Lantheus MI Holdings, Inc., to allow MI Holdings to repurchase its outstanding preferred stock.

Lantheus will pay $15.00 in cash per $1,000 principal amount of notes tendered by 5 p.m. ET on March 14, the expiration date. The consent solicitation began on March 4.

Holders must be of record as of March 2.

The solicitation was contingent on the issue of $150 million of additional notes. The company said on March 16 that it planned to sell $150 million more of the 9¾% notes in a private offering.

Global Bondholder Services Corp. (212 430-3774 or 866 924-2200) is the information agent. Jefferies & Co., Inc. (Tim Lepore at 888 708-5831 or 203 708-5831) is the solicitation agent for the consent solicitation.

The issuer is a Billerica, Mass.-based specialty pharmaceutical company that develops, manufactures and distributes innovative diagnostic medical imaging products.

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