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Bausch & Lomb starts exchange for convertibles
New York, Nov. 15 - Bausch & Lomb said it has begun an exchange offer for its $160 million principal amount of floating-rate convertible senior notes due 2023 in response to new accounting rules.
The company is offering new convertibles with identical terms except that settlement on conversion will be paid in cash up to the principal amount and the remainder in stock.
The new convertibles will also have change-of-control protection through a higher conversion rate through July 31, 2010.
The Rochester, N.Y., eyecare company said it will pay $2.50 per $1,000 principal amount to holders who participate in the exchange.
Bausch & Lomb is carrying out the exchange because of new accounting regulations that will require it to treat the existing notes as if they are fully converted when it is calculating diluted earnings per share, whether or not the contingent conversion trigger has been hit.
The exchange runs through 5 p.m. ET on Dec. 14.
Citigroup Global Markets Inc. is dealer manager, and Citibank NA is the exchange agent. Georgeson Shareholder is the information agent (866 873-6981, banks and brokers call 212 440-9800).
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