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Stada accepts tenders for another €410,000 1¾% notes due 2022
By Marisa Wong
Morgantown, W.Va., March 21 – Stada Arzneimittel AG said holders had tendered €410,000 of 1¾% notes due 2022 during the period from 9 a.m. ET on Feb. 20 until 9 a.m. ET on March 20.
All of the tendered notes have been accepted for purchase. Settlement is expected to be on March 26. After that, €270.57 million of the original €300 million principal amount will remain outstanding.
As previously reported, the company is offering to repurchase the 1¾% notes from Jan. 8 to the final expiration date of 9 a.m. ET on June 19.
Holders had tendered €2,489,000 of notes as of the first expiration date on Jan. 21 and an additional €601,000 as of the second expiration date on Feb. 20, according to prior notices.
The remaining expiration dates are 9 a.m. ET on April 18, May 20 and June 19.
The corresponding payment dates are April 26, May 24 and June 25.
The purchase price is par plus accrued interest to but excluding the relevant payment date.
The company announced on Nov. 14 that the notes are putable at par plus accrued interest because the company’s majority shareholder Nidda Healthcare GmbH plans to proceed with “the granting of certain in rem security,” according to a notice issued at that time.
The company previously said the tender offer is intended to give holders an “additional optionality.”
Deutsche Bank AG (44 20 7547 5000, 49 69 910 35270 or xchange.offer@db.com) is the tender agent.
Stada Arzneimittel is a Bad Vilbel, Germany-based company specializing in the production of generic and over-the-counter drugs. Nidda Healthcare is a holding company controlled by Bain Capital Private Equity, LP and Cinven Partners LLP.
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