A Medical Device Daily
Fisher Scientific International (Hampton, New Hampshire), a provider of products and services to the scientific community, reported that it is commencing a cash tender offer for all $304 million principal amount of its outstanding 8-1/8% senior subordinated notes due 2012.
The company is offering to purchase the 8-1/8 % notes at a price per $1,000 principal amount based on the sum of the present value of $1,040.63, the redemption price on May 1, 2007, and the present value of the scheduled interest payments through May 1, 2007.
The present value will be calculated using a discount rate equal to a fixed spread of 75 basis points over the yield of the 3-3/4% U.S. Treasury note due March 31, 2007.
In connection with the tender offer, the company is soliciting consents to proposed amendments to the indenture governing the notes, which would eliminate substantially all of the restrictive covenants and amend certain events of default.
Holders who tender on or prior to the consent payment deadline will receive the total consideration described above, which includes a $30 consent payment per $1,000 principal amount of notes.
Holders who tender after the consent payment deadline will receive the total consideration minus the $30 consent payment.
The consent payment deadline is 5 p.m., EDT, on April 27. The tender offer is scheduled to expire at midnight, EDT, on May 11, unless extended or earlier terminated.