PSS World Medical uses $50 million under revolver to fund convertibles repurchase

By Jennifer Chiou

New York, March 18 - PSS World Medical, Inc. said it used $50 million from its asset-based revolving line of credit as well as $101.7 million of available cash on hand to fund the put back of $149.98 million of its 2.25% convertible senior notes due March 15, 2024.

The company paid par plus accrued interest on March 16.

The line of credit, which matures on Sept. 30, 2012, permits maximum borrowings of up to $200 million and may be increased to $250 million at the company's discretion.

The company issued $150 million of the notes in March 2004. Holders may put back the notes on March 15, 2014 and March 15, 2019.

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

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