With about $2 million in unregistered bonds still in the hands of investors, despite a pair of deadlines already gone by the boards, Inverness Medical Innovations Inc. (NYSE:IMA) added another week for stragglers to exchange those notes for new, registered versions of the debt securities.
The new notes pay the same 7.875 percent annual yield and will mature in February 2016, just like the originals, but will allow the noteholders to sell them to other investors just like any other registered bond in the credit markets.
The tender period had initially been set to expire May 26, but was extended soon after that deadline to June 4 in order to provide the final 2 percent of noteholders enough time to make the exchange. When the second deadline passed with the same $2 million in notes still outstanding, Inverness extended the exchange period to Friday, June 11 at 5 p.m. — unless the company decides to add another week or two to the deadline.
The notes were issued in September 2009 largely to finance the Waltham, Mass.-based monitoring and health management firm’s purchase of Free and Clear Inc., a privately owned company in Seattle specializing in behavioral coaching for employers, health plans and government agencies.