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King Pharmaceuticals gets tenders for 97.61% of 2.75% convertibles
By Jennifer Chiou
New York, June 2 - King Pharmaceuticals Inc. said it received tenders for $175.7 million or 97.61% of its $180 million of 2.75% convertible debentures due Nov. 15, 2021.
The offer ended at 12:01 a.m. ET on June 2, extended from May 26.
The company will pay $996.25 per $1,000 principal amount of convertibles plus accrued interest up to but excluding the repurchase date.
The company previously 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.
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.
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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