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VWR gets tenders for $102.72 million of 10¼%/11¼% PIK notes so far
By Angela McDaniels
Tacoma, Wash., Sept. 4 - VWR Funding, Inc. had received tenders for $102,718,730 of its 10¼%/11¼% senior pay-in-kind toggle notes due 2015 as of 5 p.m. ET on Aug. 31, which was the early tender deadline in a tender offer scheduled to end at 11:59 p.m. ET on Sept. 17.
In connection with the tender offer, the company is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and events of default. Holders who tender their notes must consent to the amendments and vice versa.
The tenders and consents delivered so far are not enough to approve the amendments, according to a company news release. As of June 30, the outstanding amount of notes was $713 million.
The company will pay $1,030.13 per $1,000 principal amount of notes. This includes an early tender premium of $30.00 for each note tendered by the early tender deadline. Holders will also receive accrued interest up to but excluding the settlement date.
On Oct. 4, the company will redeem any notes that remain outstanding after the offer. The redemption price will be $1,025.625 for each $1,000 principal amount of notes plus accrued interest.
The tender offer began Aug. 20 and is conditioned on the company raising at least $745 million of proceeds from its offering of 7¼% senior notes due 2017.
The company priced $750 million of the notes at par on Aug. 20. The offering was scheduled to settle on Sept. 4.
Goldman Sachs & Co. (800 828-3182 or 212 357-0345) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 873-6300 or 212 430-3774) is the information agent.
Radnor, Pa.-based VWR Funding is the holding company for VWR International, LLC, a provider of laboratory equipment to the pharmaceutical, biotechnology, chemical and other industries.
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