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Avanos Medical to buy back portion of 6¼% notes in tender offer
By Angela McDaniels
Tacoma, Wash., May 9 – Avanos Medical, Inc. began a capped tender offer for its $250 million 6¼% senior notes due Oct. 15, 2022, according to a company news release.
The maximum purchase price for the offer is $129.84 million.
Under the indenture governing the notes, the company must offer to purchase a maximum aggregate principal amount of the notes equal to the net proceeds it received from the April 30, 2018 sale of its surgical and infection prevention business that have not been invested or applied by Avanos.
The company is offering par plus accrued interest up to but excluding the settlement date, which is expected to be the third business day following the expiration time.
The tender offer will expire at 5 p.m. ET on June 6.
Acceptance for tenders of notes may be subject to oversubscription procedures if the aggregate principal amount of the notes tendered would cause the tender cap to be exceeded.
The consummation of the tender offer is not conditioned on any minimum amount of notes being tendered.
The information agent and tender agent is Global Bondholder Services Corp. (866 794-2200, 212 430-3774 or http://www.gbsc-usa.com/AVNS/).
Avanos Medical is a medical device company based in Alpharetta, Ga.
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