Inverness Medical gets consents, sets pricing for 8¾% notes

By Angela McDaniels

Seattle, June 12 - Inverness Medical Innovations, Inc. has received tenders and consents from holders of 100% of its $150 million of 8¾% senior subordinated notes due 2012, according to a company news release.

The consents will allow the company to amend the note indenture to eliminate substantially all of the restrictive covenants. The supplemental indenture that contains the amendments will become operative after the tendered notes are purchased.

The tender offer will expire at midnight ET on June 25.

The company said it will pay $1,061.95 for each $1,000 principal amount of notes tendered, plus accrued interest up to but excluding June 26, the settlement date.

The payout includes a $20.00 consent fee for each $1,000 principal amount of notes tendered by 5 p.m. ET on June 11, the consent deadline.

For tender consideration was calculated at 2 p.m. ET on June 11 based on the yield of the 3% U.S. Treasury note due Feb. 15, 2008, which was 5.038%, plus 50 basis points.

The tender offer and consent solicitation are being conducted in connection with Inverness Medical's acquisition of Biosite Inc.

Settlement of the tender offer remains conditioned on the receipt of at least $1.3 billion of new financing and the completion of the acquisition.

UBS Investment Bank (888 722-9555) is the dealer manager. The Altman Group, Inc. (800 398-2142) is the information agent.

Inverness Medical is a Waltham, Mass.-based developer of medical diagnostic devices.

© 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.