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Thoratec Corporation Announces Redemption of Senior Subordinated Convertible Notes Due 2034
Date:3/31/2011

PLEASANTON, Calif., March 31, 2011 /PRNewswire/ -- Thoratec Corporation (Nasdaq: THOR), a world leader in device-based mechanical circulatory support therapies to save, support and restore failing hearts, announced today that it has given notice of its intention to redeem all of the outstanding Senior Subordinated Convertible Notes due 2034 (CUSIP No. 885175AA7) (the "Notes") on May 17, 2011. As of March 30, 2011 there were 243,382 notes outstanding, which can be converted into 7.2 million shares of common stock.  

Subject to and in accordance with the terms and conditions set forth in the Indenture governing the Notes dated as of May 24, 2004, holders of Notes have the right to convert their Notes on or before May 16, 2011, at a conversion rate of 29.4652 shares of our common stock per $1,000 principal amount of the Notes surrendered.  Notes surrendered for conversion may be settled in a combination of cash and stock, subject to the determination of the company.  

"In conjunction with our recently announced $100 million share repurchase program, the redemption of our Convertible Notes demonstrates the strength of our balance sheet, our confidence in the long-term prospects of the company, and our focus on enhancing shareholder value," said David V. Smith, executive vice president and chief financial officer. "We are likely to utilize a meaningful percentage of cash in exchange for the Notes, with exact payment terms to be determined and communicated closer to the redemption date."  

U.S. Bank National Association, the Trustee for the Notes, is mailing a Notice of Redemption to all registered holders. Copies of such Notice of Redemption and additional information relating to the procedure for redemption and/or conversion of the Notes may be obtained from U.S. Bank National Association by calling (800) 934-6802.

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SOURCE Thoratec Corporation
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