Henry Schein holders convert nearly all 3% convertibles before Sept. 3

By Susanna Moon

Chicago, Sept. 8 - Henry Schein, Inc holders elected to convert substantially all of its outstanding 3% convertible contingent notes due 2034 ahead of their redemption on Sept. 3, according to an 8-K filing with the Securities and Exchange Commission.

The remaining $31,000 principal amount of the convertibles was redeemed at par plus accrued interest.

Consequently, the company paid a total of $240,002,745 in cash and issued 732,422 common shares in connection with the redemption.

The company called the notes on Aug. 10 and said it expected to pay $240 million in cash and to issue 780,000 common shares.

"Redeeming the convertible notes will eliminate one of our more expensive sources of capital, and will avoid the potential for future dilution on our earnings per share," executive vice president and chief financial officer Steven Paladino said in the release at the time.

Henry Schein is a health-care products and services company based in Melville, N.Y.

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