BRISTOL, Tenn., June 2 /PRNewswire-FirstCall/ -- King Pharmaceuticals,
Inc. (NYSE: KG) announced today the results 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"). King
offered to purchase any and all of its 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. At the commencement of the cash tender
offer, Debentures in the aggregate principal amount of $180.0 million were
outstanding, all held by third parties unaffiliated with King.
The tender offer expired at 12:01 a.m., New York City time, today.
Based on the information provided by Computershare Trust Company of New
York, the Depositary for the tender offer, approximately $175.7 million of
aggregate principal amount of the Debentures (or 97.61%) had been validly
tendered in the tender offer, and no Debentures had been withdrawn. The
Company has accepted for purchase all of the Debentures validly tendered
and not withdrawn and will forward today payment for the Debentures
accepted for purchase to the Depositary, who will promptly pay the purchase
price to the holders who tendered their Debentures.
Questions regarding the tender offer may be directed to the Depositary
at (212) 701-7636 or (212) 701-7600 or to Georgeson Shareholder
Communications, Inc., the Information Agent for the tender offer, at (800)
866-1394 (toll free) or (212) 440-9800.
This news release is merely a notification of the results of the tender
offer and is neither an offer to sell nor a solicitation of an offer to buy
any securities. The tender offer was made only through an Offer to Purchase
dated April 28, 2006, as amended, and related materials.
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 plan to pay the tender
consideration for Debentures validly tendered and not withdrawn.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 the timing
of payment of the purchase price for the Debentures by the Depositary to
the holders who validly tendered their Debentures. 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.
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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.
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