Par Pharmaceutical Companies Inc. (PRX) announced the results of its "Modified Dutch Auction" tender offer, in which Par offered to purchase, for cash, up to $65 million aggregate principal amount, or up to about 82.7%, of its outstanding 2.875% Senior Subordinated Convertible Notes due 2010.
Based on the count by American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, $30.81 million aggregate principal amount of the Notes were properly tendered and not withdrawn in the tender offer.
In accordance with the terms and conditions of the tender offer, and based on the count by the depositary, the Company has accepted for payment $30.81 million aggregate principal amount of the Notes at a purchase price of $1,000 per $1,000 principal amount, for a total cost of $30.81 million, excluding accrued interest and fees and other expenses in connection with the tender offer.
The aggregate principal amount of Notes that the Company will purchase represents about 39.2% of the currently outstanding principal amount of the Notes.
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