West Pharmaceutical starts cash tender for 4% convertible debentures

New York, May 8 - West Pharmaceutical Services, Inc. said it has begun a cash tender offer for all of its $161.5 million of 4% convertible junior subordinated debentures due 2047.

For each $1,000 principal amount tendered, the company is offering $390.56 in cash plus the average volume weighted average price of the company's stock for the 15 trading days from May 11 to June 1 multiplied by 14.0701. The total price will have a floor of $943.51 and a cap of $1,066.49. West Pharmaceutical will also pay accrued interest up to but excluding the settlement date.

The purchase price will be set after the close of trading on June 1.

The tender will end at midnight ET on June 5.

West, a Lionville, Pa., manufacturer of components and systems for injectable drug delivery, said the offer is expected to be accretive to earnings per share in 2012 and in subsequent years, excluding transaction costs and any gain or loss realized as a result of the purchase of the debentures.

Bank of America Merrill Lynch is dealer manager (888 803-9655) and Georgeson Inc. is the information agent (800 509-0984, banks and brokers call 212 440 9800).

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