Bausch & Lomb gets needed consents for 6.95%, 5.9%, 6.56%, 7 1/8% notes

By Angela McDaniels

Seattle, Oct. 4 - Bausch & Lomb Inc. has received tenders and consents for a majority of its outstanding 6.95% senior notes due 2007, 5.9% senior notes due 2008, 6.56% medium-term notes due 2026 and 7 1/8% debentures due 2028, according to a company news release.

As of the consent deadline, the company had received tenders and consents for $72.8 million, or 54.63%, of the 6.95% notes; $49.3 million, or 98.5%, of the 5.9% notes; $342,000, or 81.24%, of the 6.56% notes; and $53.4 million, or 80.74%, of the 7 1/8% debentures.

The consent deadline was 5 p.m. ET on Oct. 3. Tender offers for the notes began on Sept. 19 and will expire at 8 a.m. ET on Oct. 19.

The consents will allow Bausch & Lomb to amend the note indentures to eliminate or make less restrictive substantially all of the restrictive covenants, as well as certain events of default and related provisions.

The supplemental indenture that contains the amendments will become effective once the company purchases the tendered notes.

Bausch & Lomb is also holding consent solicitations and tender offers for its senior convertible securities due 2023 and its floating-rate convertible senior notes due 2023. The amount of tenders and consents delivered for the convertibles to date was not disclosed.

The tender offers are being made in connection with the company's proposed merger with an affiliate of Warburg Pincus LLC.

For each $1,000 principal amount, Bausch & Lomb said it will pay $980 for the 6.95% notes, 5.9% notes, 6.56% notes and 7 1/8% debentures and $1,216.14 for both series of convertibles. The company will also pay accrued interest to the purchase date.

Noteholders who tendered by the consent deadline will also receive a $20 consent payment.

The offers are conditioned on the closing of the merger. The merger is not conditioned on completion of the offers.

Citigroup Global Markets Inc. (800 558-3745), Banc of America Securities LLC (888 292-0070 for the non-convertibles; (888 583-8900, x2200 for the convertibles), Credit Suisse Securities (USA) LLC (call collect 212 325-7596) and J.P. Morgan Securities Inc. (call collect 212 270-1477) are the dealer managers.

Global Bondholder Services is the information agent (866 540-1500).

Bausch & Lomb is an eye health company based in Rochester, N.Y.

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