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Par Pharmaceutical Announces 'Modified Dutch Auction' Tender Offer to Purchase up to $65,000,000 Aggregate Principal Amount of its Currently Outstanding 2.875% Senior Subordinated Convertible Notes due 2010
Date:10/14/2009

WOODCLIFF LAKE, N.J., Oct. 14 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced that it has commenced a "Modified Dutch Auction" tender offer for a portion of its outstanding 2.875% Senior Subordinated Convertible Notes due September 30, 2010.

Under the "Modified Dutch Auction" procedure, Par is offering to purchase, for cash, up to $65,000,000 aggregate principal amount, or up to approximately 82.7%, of the outstanding convertible notes, at a price (in multiples of $0.50 per $1,000 principal amount) not greater than $990.00 nor less than $982.50 per $1,000 principal amount, plus accrued and unpaid interest thereon up to, but not including, the date of purchase of the convertible notes.

As of October 14, 2009, there was approximately $78,551,000 aggregate principal amount of notes outstanding. The tender offer is not conditioned upon any minimum principal amount of convertible notes being tendered, but is subject to other conditions described in the offer to purchase.

The tender offer is scheduled to expire at 12:00 midnight, EST, on Wednesday, November 11, 2009, unless the tender offer is extended. Tendered convertible notes may be withdrawn at any time on or prior to the expiration date of the tender offer.

A "Modified Dutch Auction" tender offer allows holders of convertible notes to indicate the principal amount of convertible notes that such holders desire to tender and the price within the specified price range at which they wish to tender such convertible notes.

Par is conducting the tender offer in order to reduce the principal amount of its outstanding indebtedness and to provide an opportunity to holders of the convertible notes to gain liquidity with respect to the notes that they may not otherwise have. Par expects to fund the purchase of c
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SOURCE Par Pharmaceutical Companies, Inc.
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