Sybron Dental Specialties obtains tenders for 98.9% of 8 1/8% notes

By Jennifer Chiou

New York, June 21 - Sybron Dental Specialties, Inc. announced it received tenders from holders of $148.417 million or 98.9% of its $150 million of 8 1/8% senior subordinated notes due 2012.

The offer ended at midnight ET on June 20.

Sybron previously said that at the 5 p.m. ET June 6 consent deadline it had received tenders from holders of 98.9% of the securities.

The Orange, Calif., manufacturer and marketer of consumable dental products was soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants and certain events of default.

For each $1,000 principal amount, the company said it will pay $1,062.44, a payment based on the present value of $1,040.63 - the redemption price for the notes on June 15, 2007, which is the first call date - discounted using the yield to maturity of the 3½% Treasury due May 31, 2007 and 50 basis points. The payout includes interest payments through June 15 as well as a $30.00 consent payment for those who tendered by the consent deadline.

Pricing was set at 2 p.m. ET on June 6. The reference yield was 5.086% and the tender yield was 5.586%.

The offer was conditioned upon tenders from holders of a majority of the notes. It began on May 24.

Global Bondholder Services Corp. is the information agent (call collect 212 430-3774 or 866 873-5600). Banc of America Securities LLC is the dealer manager and solicitation agent (call collect 704 388-4813 or 888 292-0070).

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