Henry Schein calls 3% convertible contingent notes due 2034

By Lisa Kerner

Charlotte, N.C., Aug. 10 - Henry Schein, Inc. said it is calling its outstanding 3% convertible contingent notes due 2034 for redemption on Sept. 3.

Holders may elect to convert their notes into cash and shares of Henry Schein common stock at a rate specified in the indenture, according to a company news release.

Henry Schein expects to pay $240 million in cash and to issue approximately 780,000 shares of its common stock in connection with the redemption.

"Redeeming the convertible notes will eliminate one of our more expensive sources of capital, and will avoid the potential for future dilution on our earnings per share," executive vice president and chief financial officer Steven Paladino said in the release.

Henry Schein is a health-care products and services company based in Melville, N.Y.

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