Advanced Medical Optics begins tender, consent bid for 7½% notes

By Susanna Moon

Chicago, Jan. 27 - Advanced Medical Optics, Inc. said it started a cash tender offer and consent solicitation for its outstanding 7½% senior subordinated notes due 2017.

The tender offer will expire at midnight ET on Feb. 24. The consent deadline is 5 p.m. ET on Feb. 9.

The company will pay $1,120 for each $1,000 principal amount of notes plus accrued interest to the settlement date, including a consent payment of $30 per note tendered by the early deadline.

Advanced Medical also is 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 may not deliver consents without tendering their notes or vice versa.

The offers require 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.

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