King Pharmaceuticals extends tender offer for 2.75% convertibles to June 2

By Angela McDaniels

Seattle, May 26 - King Pharmaceuticals Inc. has extended the tender offer for its 2.75% convertible debentures due 2021 to 12:01 a.m. ET on June 2 from May 26, according to a company news release.

The company said it extended the tender offer in order to respond to comments made by the Securities and Exchange Commission during the commission's review of the tender offer filings related to King's tender offer statement on schedule TO and the related offer to purchase and letter of transmittal.

King believes it can address these comments in a manner "satisfactory to both the SEC and King" by the new expiration date, according to the release.

The company will pay $996.25 per $1,000 principal amount of convertibles plus accrued interest up to but excluding the repurchase date.

Citigroup Corporate and Investment Banking (877 531-8365) is dealer manager for the tender offer, and Georgeson Shareholder Communications Inc. (800 866-1394 or 212 440-9800) is information agent.

King is making the tender offer to reduce its debt, interest expense and potential dilution to earnings per share, according to the release.

After repurchasing $165 million of the convertibles in March, the company had $180 million 2.75% convertibles outstanding.

King is a pharmaceutical company based in Bristol, Tenn., that develops therapies and technologies for the cardiovascular/metabolics, neuroscience and acute-care settings.

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