BRISTOL, Tenn., May 26 /PRNewswire-FirstCall/ -- King Pharmaceuticals,
Inc. (NYSE: KG) announced today that it has extended the expiration date of
its cash tender offer for its 2-3/4% Convertible Debentures due November
15, 2021 (CUSIP Numbers 495582AG3 (registered) and 495582AF5 (restricted))
(the "Debentures") to 12:01 a.m., New York City time, on Friday, June 2,
2006. The offer was previously scheduled to expire at 12:01 a.m., New York
City time, on Friday, May 26, 2006. King is extending the tender offer
period in order to respond to comments received from the U.S. Securities
and Exchange Commission (the "SEC"), pursuant to the SEC's routine review
of tender offer filings, with respect to King's Tender Offer Statement on
Schedule TO, as well as the related Offer to Purchase and Letter of
Transmittal. King believes that it can address these comments in a manner
satisfactory to both the SEC and King by the new expiration date.
In the tender offer, King is offering to purchase any and all
outstanding Debentures at a purchase price of $996.25 per $1,000 of
principal amount of the Debentures, plus accrued and unpaid interest to,
but excluding, the date the Debentures are purchased by King, payable in
cash. As of the date the tender offer commenced, Debentures in the
aggregate principal amount of $180.0 million were outstanding, all held by
third parties unaffiliated with King. As of May 25, 2006, based on the
information provided by Computershare Trust Company of New York, the
Depositary for the tender offer, approximately $170.0 million of aggregate
principal amount of the Debentures (or 94.44%) have been validly tendered
in the tender offer, and none have been withdrawn.
Questions regarding the tender offer may be directed to Citigroup
Corporate and Investment Banking, the Dealer Manager for the tender offer,
at (877) 531-8365 (toll free) or to Georgeson Shareholder Communications,
Inc., the Information Agent for the tender offer, at (800) 866-1394 (toll
free) or (212) 440-9800. Holders of the Debentures can obtain additional
copies of documents related to the tender offer by contacting Georgeson.
Neither King, the Dealer Manager, the Information Agent nor the
Depositary is making any recommendation as to whether or not Debentures
should be tendered pursuant to the tender offer. Holders should determine
whether or not to tender their Debentures pursuant to the tender offer
based upon, among other things, their own assessment of the current market
value of the Debentures, as well as their liquidity needs and investment
objectives.
This news release is merely a notification of the extension of the
tender offer and is neither an offer to sell nor a solicitation of an offer
to buy any securities. The tender offer is being made only through the
Offer to Purchase and related materials. Holders of the Debentures should
read carefully the Tender Offer Statement on Schedule TO (including any
amendments that may be filed thereto), the Offer to Purchase, the Letter of
Transmittal and other tender offer documents that King has filed with the
SEC.
Forward-looking Statements
This news release contains forward-looking statements which reflect
management's current views of future events and operations, including, but
not limited to, statements pertaining to King's belief that it will be able
to respond to the SEC's comments by the new expiration date; and statements
pertaining to King's plan to pay the tender consideration for the
Debentures validly tendered and not withdrawn. These forward-looking
statements involve certain significant risks and uncertainties, and actual
results may differ materially from the forward-looking statements. Some
important factors which may cause actual results to differ materially from
the forward-looking statements include: dependence on the willingness of
the holders of outstanding Debentures to tender such Debentures to King
pursuant to the tender offer; and dependence on King's ability to conduct
and consummate the tender offer as expected. Other important factors that
may cause actual results to differ materially from the forward-looking
statements are discussed in the "Risk Factors" section and other sections
of King's Form 10-K for the year ended December 31, 2005 and Form 10-Q for
the quarter ended March 31, 2006, which are on file with the U.S.
Securities and Exchange Commission. King does not undertake to publicly
update or revise any of its forward- looking statements even if experience
or future changes show that the indicated results or events will not be
realized.
SOURCE King Pharmaceuticals, Inc.
 back to top
Related links:
http://www.kingpharm.com/
http://www.prnewswire.com/comp/120319.html/
CONTACT:
James E. Green, Executive Vice President,
Corporate Affairs, +1-423-989-8125, or David E. Robinson, Senior
Director, Corporate Affairs, +1-423-989-7045, both of King
Pharmaceuticals, Inc.
|
