Bausch + Lomb Begins Tender Offer of Its Senior Notes Due 2015
ROCHESTER, NY —
Bausch + Lomb, the global eye health company, announced the commencement of a tender offer to purchase for cash up to $300 million of its outstanding 9 ⅞ percent Senior Notes due 2015, according to an announcement from the company.
“We are launching this tender offer to take advantage of an opportunity to reduce our overall borrowing rate,” said Brian J. Harris, executive vice president and chief financial officer, B + L “The refinancing and upsizing of our credit agreement in May provided the liquidity to pursue growth opportunities in our business, including the recent acquisition of ISTA Pharmaceuticals, Inc. With that acquisition completed, we determined that the most effective near-term use of the additional liquidity from the soon-to-expire delayed draw term loan portion of the refinancing was to tender for a portion of our senior notes.”
The tender offer is scheduled to expire at 11:59 p.m., New York City time, on Aug. 17, 2012, unless extended or earlier terminated. Holders who validly tender (and do not validly withdraw) their senior notes on or before 5 p.m., New York City time, on Aug. 3, 2012, unless extended or earlier terminated will be eligible to receive a total consideration of $1,041.25 per $1,000 principal amount of senior notes tendered. Holders who validly tender their senior notes after the early tender date but on or before the expiration date will be eligible to receive consideration of $1,011.25 per $1,000 principal amount of senior notes tendered, which is equal to the total consideration minus an early tender premium of $30.00 per $1,000 principal amount of senior notes.
Holders will be eligible to receive accrued and unpaid interest from and including the most recent interest payment date for the senior notes to, but not including, the settlement date for the senior notes they tendered in the tender offer.
The payment date for senior notes accepted for purchase will occur promptly after the expiration date, and is expected to be Aug. 20, 2012. Further details are in the purchase offer document.
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