Advanced Medical Optics tendered for, redeemed notes in third quarter

New York, Oct. 23 - Advanced Medical Optics Inc. (B2/BB-) said in its third-quarter earnings filing with the Securities and Exchange Commission, that it had completed a tender offer for $115 million of its outstanding 9¼% senior subordinated notes due 2010 in July, as part of a recapitalization plan, and then retired an additional $15 million of the notes in September (out of the $200 million of the notes which were issued in June 2002).

The company gave no additional details about the September note retirement in terms of price, timing, etc.

As previously announced, Advanced Medical Optics, a Santa Ana, Calif.-based maker of ophthalmic surgical and eye care products, bought back the $115 million of 9¼% notes via modified Dutch auction tender offer which was announced on June 18 and which ended on July 18, with holders having tendered a total of $177.640 million principal amount of the notes. The company accepted for purchase a total of $115 million face value of the notes at a price of $1,150 per $1,000 principal amount, for a total purchase price of $132. 25 million, plus accrued and unpaid interest up to the payment date.

Advanced Medical partly funded the tender offer with a portion of a $140 million issue of new convertible notes, which was completed in June.

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