American Medical Systems Gives Notice of Make-Whole Fundamental Change Conversion Rights to Holders of 4.00% Convertible Seni...
June 17 2011 - 2:20PM
Business Wire
American Medical Systems Holdings, Inc. (“AMS” or the “Company”)
(NASDAQ: AMMD) announced that, pursuant to the terms of the
indenture (the “2041 Indenture”) governing its 4.00% Convertible
Senior Subordinated Notes due 2041 (the “2041 Notes”), a
“Make-Whole Fundamental Change” (as such term is defined in the
2041 Indenture) occurred on June 17, 2011 (the “Make-Whole
Effective Date”) as a result of the transactions contemplated by
the Agreement and Plan of Merger, dated as of April 10, 2011 (the
“Merger Agreement”) among Endo Pharmaceuticals Holdings Inc.
(“Endo”), NIKA Merger Sub, Inc., a wholly owned indirect subsidiary
of Endo (“Merger Sub”), and AMS. As previously disclosed, under the
Merger Agreement, Endo acquired AMS for $30.00 per share of common
stock, par value $0.01 per share of AMS. Merger Sub merged with and
into AMS on June 17, 2011 (the “Merger”), with AMS continuing as
the surviving corporation and a wholly owned subsidiary of Endo.
Completion of the Merger constitutes a Make-Whole Fundamental
Change under the 2041 Indenture.
Holders of the outstanding 2041 Notes have the right to convert
such 2041 Notes at any time beginning on June 17, 2011 (the date
that is the “Make-Whole Effective Date” (as such term is defined in
the 2041 Indenture)) and until the related “Fundamental Change
Repurchase Date” (as such term is defined in the 2041 Indenture),
in accordance with, and subject to, the provisions of the 2041
Notes and the 2041 Indenture.
About American Medical Systems Holdings, Inc.
American Medical Systems, headquartered in Minnetonka,
Minnesota, is a diversified supplier of medical devices and
procedures to treat incontinence, erectile dysfunction, benign
prostatic hyperplasia (BPH), pelvic floor prolapse and other pelvic
disorders in men and women. These disorders can significantly
diminish one's quality of life and profoundly affect social
relationships. In recent years, the number of people seeking
treatment has increased markedly as a result of longer lives,
higher-quality-of-life expectations and greater awareness of new
treatment alternatives. American Medical Systems' products reduce
or eliminate the incapacitating effects of these diseases, often
through minimally invasive therapies. The Company’s products were
used to treat approximately 340,000 patients in 2010.
Forward-Looking Statements
This press release contains forward-looking statements relating
to, among other things, the Make-Whole Fundamental Change with
respect to the 2041 Notes and underlying assumptions. These
statements and other statements contained in this press release
that are not purely historical fact are forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act
of 1995, that are based on management's beliefs, certain
assumptions and current expectations. Actual results may differ
materially from anticipated results. The forward-looking statements
contained in this press release are made as of the date hereof, and
AMS undertakes no obligation to update any forward-looking
statements to reflect events or circumstances after the date on
which any such statement is made or to reflect the occurrence of
unanticipated events. Additional information concerning AMS’s risk
factors may be found in AMS’s public periodic filings with the
Securities and Exchange Commission (“SEC”), including the
discussion under the heading “Risk Factors” in AMS’s Annual Report
on Form 10-K for the year ended January 2, 2011, filed with the SEC
on February 25, 2011, and its Quarterly Report on Form 10-Q for the
quarter ended April 2, 2011, filed with the SEC on May 12,
2011.
More information about the Company and its products can be found
at its website www.AmericanMedicalSystems.com and in the Company’s
Annual Report on Form 10-K for the year ended January 2, 2011 and
its other SEC filings.
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