Mentor calls 2.75% convertibles

By Angela McDaniels

Tacoma, Wash., Dec. 2 - Mentor Corp. will redeem all of its 2.75% convertible subordinated notes due 2024 on Jan. 1, according to an 8-K filing with the Securities and Exchange Commission.

The redemption price is 100.25% of par plus accrued interest.

The convertibles can be converted into Mentor common stock until the close of business on Dec. 31. The conversion ratio is 34.7108 shares per $1,000 principal amount, which is equivalent to a conversion price of about $28.81.

Mentor stock closed at $30.58 (NYSE: MNT) on Monday.

As required under the indenture, holders will be given the right to put their convertibles back to the company on Jan. 1 for 100.25% of par plus accrued interest.

On Oct. 1, Mentor said it amended its credit facility so that proceeds from the facility can be used to repay the convertibles.

Santa Barbara, Calif.-based Mentor develops products for the aesthetics and general surgery markets.

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