Alere seeks consents to extend filing deadlines for three note series

By Susanna Moon

Chicago, May 1 – Alere, Inc. said it is soliciting consents to extend financial filing deadlines for its 6½% senior subordinated notes due 2020, 6 3/8% senior subordinated notes due 2023 and 7¼% senior notes due 2018.

Alere also is soliciting consents to waive through 5 p.m. ET on June 15 any default or event of default under the note indentures for the failure to timely file with the Securities and Exchange Commission the company’s 10-K filing for the fiscal year ended Dec. 31, 2016.

The consent solicitation will end at 5 p.m. ET on May 5.

The company’s audit committee of the board of directors decided on April 12 that the company's financial statements and other financial data as of Dec. 31, 2015 and 2014 and for the years ended Dec. 31, 2015, 2014 and 2013, as well as for each of the quarterly and year-to-date periods in 2015 and the first three quarterly and year-to-date periods in 2016 “should not be relied upon because of certain misstatements,” according to a company announcement.

An event of default would occur if the company fails to file its annual report and to obtain the needed waivers by May 16 for the 7¼% notes, May 19 for the 6½% notes and June 2 for the 6 3/8% notes, in which case the noteholders would have the right to accelerate the payment of the company's obligations upon notice from the trustee or holders of 25% of the notes.

In return for consents, the company is offering to pay a cash payment of $2.50 for each $1,000 principal amount to holders as of 5 p.m. ET on April 28. If, at any time before the market open on May 8, the company files a 10-K with the SEC and the consent solicitations are terminated, the company said it expects to pay to each holder who has delivered consents a cash payment of $1.00 for each $1,000 principal amount of notes in lieu of the consent fee.

The company said it will not pay the consent fee if it does not receive the required consents for each series of notes or if the solicitation is terminated for any reason.

The waivers require the consent of holders for a majority of the outstanding notes of that series.

J.P. Morgan Securities LLC (866 834-4666, 212 834-4811/212 270-0844) is the solicitation agent. D.F. King & Co., Inc. (800 829-6551 or 212 269-5550) is the information and tabulation agent.

Alere is a Waltham, Mass.-based provider of near-patient diagnosis, monitoring and health management.

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