Advanced Medical Optics gets tenders for 99.3% of 7½% notes

By Jennifer Chiou

New York, Feb. 25 - Advanced Medical Optics, Inc. announced the close of its cash tender offer and consent solicitation for its outstanding 7½% senior subordinated notes due 2017, adding that it received tenders for $248.25 million, or 99.3%, of the notes.

The company previously extended the consent deadline to match the prolonged expiration time of midnight ET on Feb. 24. The consent deadline had been 5 p.m. ET on Feb. 9.

The payment on offer was $1,155 per $1,000 principal amount, up from $1,120 previously. The total included a consent payment of $30 per note, which was previously on offer only to those who tendered by the consent deadline but was paid to all because the consent deadline matched the expiration.

Advanced Medical announced the tender on Jan. 27 and said it was also seeking consents to amend the notes to eliminate all of the restrictive covenants, some events of default and restrictions on its ability to merge or consolidate.

Holders could not deliver consents without tendering their notes or vice versa.

The offer required completion of the tender offer by Rainforest Acquisition Inc., a wholly owned subsidiary of Abbott Laboratories, for the outstanding common stock of Advanced Medical under the terms of the merger agreement dated Jan. 11 as well as receipt of consents needed to approve the proposed amendments to the notes.

The company said it entered into a supplemental indenture.

Morgan Stanley & Co. Inc. (800 624-1808 or collect 212 761-5384) was dealer manager and solicitation agent. Georgeson, Inc. (800 259-3515 for noteholders or 212 440-9800 for banks and brokers) was the information agent.

The Santa Ana, Calif., company develops vision technologies, including a line of cataract/implant products and other products used in ocular surgery.

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