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Published on 2/27/2009 in the Prospect News Convertibles Daily.

Abbott says holders may put three series of Advanced Medical Optics convertibles

By Susanna Moon

Chicago, Feb. 27 - Abbott Laboratories said it may be required to repurchase three series of Advanced Medical Optics Inc.'s convertible notes in connection with its acquisition of the company.

Advanced Medical holders may put their 2.5% convertible senior subordinated notes due 2024, 1.375% convertible senior subordinated notes due 2025 and 3.25% convertible senior subordinated notes due 2026. The put option was triggered as a result of the fundamental change under terms of the notes.

The offer will expire at 5 p.m. ET on March 27. It began Friday.

The company will pay par plus accrued interest to the repurchase date, which is March 30.

U.S. Bank NA is the paying agent.

Holders may convert their notes until March 12.

Abbott said the notes are convertible into cash at par for the 2.5% convertibles, $462.1848 per $1,000 principal amount of the 1.375% convertibles and $369.0962 per $1,000 principal amount of the 3.25% convertibles. No accrued interest is payable to holders for the conversion of the notes.

On Jan. 12, Abbott announced it would acquire Advanced Medical for $2.8 billion, including net debt.

Advanced Medical is now called Abbott Medical Optics.

Abbott's $22-per-share cash tender offer for Advanced Medical expired at midnight ET on Feb. 24. The offer began on Jan. 27.

Santa Ana, Calif.-based Advanced Medical operates in three segments: cataract surgery, Lasik and eye-care products.

Abbott is a biopharmaceutical company located in Abbott Park, Ill.


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