PSS World Medical looks to repay 2.25% convertibles

By Angela McDaniels

Tacoma, Wash., July 28 - PSS World Medical, Inc. said it plans to repay its 2.25% convertible senior notes due 2024 on or before the notes' first redemption date, which is March 15, 2009.

The company will use proceeds from a $200 million offering of convertible senior notes due 2014.

Proceeds from the new convertibles will also be used to repurchase up to $35 million of common stock from institutional investors, to pay for convertible note hedge transactions and for general corporate purposes, according to a company news release.

PSS World Medical is a Jacksonville, Fla.-based distributor of medical products to physicians and elder care providers.

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