Aptalis Pharma launches cash tender offer for any and all 12¾% notes

By Jennifer Chiou

New York, April 5 - Aptalis Pharma Inc. (formerly known as Axcan Holdings Inc.) announced the start of a cash tender offer for any and all of its $195 million of 12¾% senior notes due 2016.

The company is also soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default.

The offer is set to end at midnight ET on May 1.

For each $1,000 principal amount, the company is offering $1,071.25, including a $30.00 consent payment to those who tender prior to 5 p.m. ET on April 17. Accrued interest will also be paid.

There is a financing condition, and the company must obtain consents from holders of a majority of notes to be able to amend the indenture.

Bank of America Merrill Lynch is the dealer manager and solicitation agent (888 292-0070 or call collect 980 387-3907). D. F. King & Co., Inc. is the information agent and tender agent (800 488-8095 or call collect 212 269-5550).

Aptalis is a Bridgewater, N.J.-based specialty pharmaceutical company.

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