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Biomet offers to buy back 10% notes, up to $500 million 11 5/8% notes
By Angela McDaniels
Tacoma, Wash., Sept. 18 - Biomet, Inc. began a tender offer for any and all of its 10% senior notes due 2017 and up to $500 million of its outstanding 11 5/8% senior subordinated notes due 2017, according to a company news release.
The tender offer will expire at midnight ET on Oct. 16.
The purchase price per $1,000 principal amount of notes is $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.
The company will also pay accrued interest up to but excluding the payment date.
If holders validly tender more than $500 million principal amount of 11 5/8% notes, then Biomet will accept tendered 11 5/8% notes for purchase on a prorated basis.
Notes may be tendered and accepted for payment only in principal amounts equal to $2,000 and integral multiples of $1,000 in excess thereof.
Biomet intends to redeem any 10% notes that remain outstanding after the offer at a redemption price equal to $1,050.00 per $1,000 principal amount of notes.
The company will also redeem an amount of 11 5/85 notes equal to $500 million minus the amount accepted for payment in the tender offer. The redemption price will be $1,058.13 per $1,000 principal amount of notes.
The tender offer is conditioned on the completion of an offering of notes. The company plans to price $825 million principal amount of 6½% senior notes due 2020 and $500 million principal amount of senior subordinated notes due 2020.
The dealer managers are Goldman Sachs & Co. (800 828-3182 or 212 357-0345) and Bank of America Merrill Lynch (888 292-0070 or 980 387-3907). The depositary and information agent is Global Bondholder Services Corp. (866 807-2200).
Biomet makes products used by musculoskeletal medical specialists. The company is based in Warsaw, Ind.
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