PITTSBURGH, Sept. 17 /PRNewswire-FirstCall/ -- Mylan Laboratories Inc. (NYSE: MYL) ("Mylan") announced today certain pricing terms of its previously announced cash tender offers and consent solicitations for its 5.750% Senior Notes due 2010 (CUSIP No. 628530AE7) (the "2010 Notes") and 6.375% Senior Notes due 2015 (CUSIP Nos. 628530AF4, 628530AC1) (the "2015 Notes" and, together with the 2010 Notes, the "Notes"), which are being conducted pursuant to the terms and subject to the conditions described in the Offer to Purchase and Consent Solicitation Statement and related Letter of Instructions dated August 31, 2007 (collectively, the "Offer to Purchase").
As previously announced, Mylan is making the tender offers as part of a broader strategy to establish its new global capital structure and in preparation for the consummation of its proposed acquisition of Merck's generic pharmaceutical business pursuant to a Share Purchase Agreement, dated May 12, 2007, between Mylan and Merck Generics Holding GmbH, Merck S.A., Merck Internationale Beteiligung GmbH and Merck KGaA (the "Transaction").
The total consideration for each series of Notes was determined as of
2:00 p.m., New York City time, on September 14, 2007, using the bid-side
yield of the 4.125% U.S. Treasury Note due August 15, 2010 (the "Reference
Security"), in each case plus a fixed spread of 50 basis points and based
on an assumed payment date of October 1, 2007 (the "Settlement Date"). The
yield on the Reference Security was 4.101% and the tender offer yield in
each case was 4.601%. Accordingly, the total consideration, excluding
accrued and unpaid interest, for each $1,000 principal amount of Notes
validly tendered and not validly withdrawn on or prior
|SOURCE Mylan Laboratories Inc.|
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