Biomet calls $908.48 million of 10%, 11 5/8% notes following tender

By Tali David

Minneapolis, Oct. 5 - Biomet, Inc. plans to redeem $417,649,000 of its 10% senior notes due 2017 and $490.83 million of its 11 5/8% senior subordinated notes due 2017 following a tender offer, according to two notices.

The 10% notes will be redeemed at $1,050.00 for each $1,000 principal amount plus accrued interest, and the 11 5/8% notes will be redeemed at $1,058.13 for each $1,000 principal amount plus accrued interest.

Both redemptions will occur on Nov. 1.

The tender offer will expire at midnight ET on Oct. 16. The company is offering $1,055.50 for the 10% notes and $1,064.63 for the 11 5/8% notes. These prices include a $30.00 early tender premium for each note tendered by 5 p.m. ET on Oct. 1, the early tender time.

Wells Fargo Bank, NA is the paying agent for the redemption.

Biomet is a Warsaw, Ind.-based designer, manufacturer and marketer of products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy.

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