A Medical Device Daily
BioMed Realty Trust (San Diego) said its operating partnership subsidiary, BioMed Realty, began a private placement, subject to market conditions, of $150 million aggregate principal amount of exchangeable senior notes due 2026, plus up to an additional $25 million aggregate principal amount of notes that may be issued at the option of the initial purchasers to cover over-allotments, if any.
The notes, senior unsecured obligations of the operating partnership, will be guaranteed by BioMed Realty and exchangeable for cash or a combination of cash and shares of BioMed Realty common stock. The interest rate, exchange rate and offering price are to be determined by negotiations between the operating partnership and the initial purchasers of the notes.
The operating partnership said it intends to use the proceeds from the offering to repay the outstanding indebtedness under its unsecured revolving credit facility and for other general corporate and working capital purposes.
Medtronic (Minneapolis) said it has repurchased about 95.2% of two series of its outstanding contingent convertible debentures, due 2021. A total of $1,971,446,000 principal amount of debentures was outstanding. Holders of the debentures had the option to tender those debentures for repurchase at par on September 15, 2006.
Effective at 5 p.m., EDT, Sept. 15, Medtronic repurchased $1,877,198,000 of the debentures. About $94,248,000 aggregate principal amount of the debentures remains outstanding after the repurchase.
The next date on which holders can require Medtronic to repurchase the debentures is Sept. 15, 2008.