West Pharmaceutical accepts tenders for 98.06% of 4% convertibles

By Jennifer Chiou

New York, June 6 - West Pharmaceutical Services, Inc. announced that it has accepted tenders for $158,364,000, or 98.06%, of its 4% convertible junior subordinated debentures due 2047 in the offer for any and all of the securities.

The purchase price per $1,000 principal amount of debentures is $1,038.91, which is equal to the sum of $390.56 plus 14.0701 times the average volume-weighted average price of the company's stock for the 15 trading days from May 11 to June 1.

Holders who tendered will also receive accrued interest up to but excluding the settlement date of the offer, which is expected to be June 11. The company expects to pay about $166 million, including interest.

The tender offer began on May 8 and expired at midnight ET on June 5.

Bank of America Merrill Lynch was the dealer manager (888 803-9655), and Georgeson Inc. was the information agent (800 509-0984, banks and brokers call 212 440 9800).

West is a Lionville, Pa., manufacturer of components and systems for injectable drug delivery.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.