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Acelity reports $445.06 million 12½% notes due 2019 exchanged in offer
By Wendy Van Sickle
Columbus, Ohio, Oct. 4 – Acelity LP Inc. said holders had tendered $445,061,000 principal amount, or 72.72%, of the 12½% senior notes due 2019 issued by Kinetic Concepts, Inc. and KCI USA, Inc. under its recently concluded exchange offer.
The amount is the same as had been tendered at the early tender and consent date, 5 p.m. ET on Sept. 19.
After the early deadline, no additional notes were tendered under the exchange offer, which ended at midnight ET on Oct. 3, the company reported in a Tuesday press release.
The issuers offered up to $450 million principal amount of new 12½% limited third-lien senior secured notes due 2021 in exchange for a portion of the existing 12½% notes in the private exchange offer.
The issuers offered $1,000 principal amount of new notes in exchange for each $1,000 principal amount of existing notes tendered by the early tender and consent date. This includes an early participation premium of $50 principal amount of new notes.
In addition, the issuer will pay accrued interest up to but excluding the settlement date.
Settlement is expected to take place on Thursday.
The issuers said they would accept for exchange an amount of existing 12½% notes that will result in no more than $450 million principal amount of new notes being issued in the exchange offer.
As of June 30, there was $612 million principal amount of the existing 12½% notes outstanding.
The issuers were also soliciting consents to some proposed amendments to the indenture governing the existing 12½% notes. They did not offer a consent fee.
As of the early tender and consent date, the issuers had received consents from the holders of at least a majority of the outstanding principal amount of notes, enough to make the amendments.
The information and exchange agent is D.F. King & Co., Inc. (800 207-3159, 212 269-5550 or www.dfking.com/kinetic).
Acelity is a wound care and regenerative medicine company based in San Antonio.
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