American Medical Systems' 3.25%, 4% convertibles will likely be putable after Endo merger

By Susanna Moon

Chicago, May 31 - Endo Pharmaceuticals Holdings Inc. said holders may be able to put American Medical Systems Holdings, Inc.'s $62 million of outstanding 3.25% convertible senior subordinated notes due 2036 and its $250 million of outstanding 4% convertible senior subordinated notes due 2041.

Endo's planned acquisition of American Medical Systems will likely trigger the put options under the terms of the notes.

The 3.25% convertibles were issued in June 2006, and the 4% convertibles were issued in September 2009 in exchange for $250 million principal amount of the 3.25% convertibles.

Endo will offer $700 million of senior notes in eight-year and 12-year tranches. Proceeds, along with cash on hand and proceeds from a new $2.9 billion credit facility, will be used to finance the acquisition and to refinance American Medical Systems debt and Endo's existing credit facility.

Endo is a Chadds Ford, Pa.-based specialty health-care company focused on branded products and specialty generics. American Medical is a Minnetonka, Minn.-based provider of devices and therapies for male and female pelvic health.

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