Meridian Bioscience Announces Final Redemption of its 5% Convertible Subordinated Debentures
CINCINNATI--(BUSINESS WIRE)--Jan. 30, 2007--Meridian Bioscience, Inc., Cincinnati, Ohio (NASDAQ:VIVO) today announced that it has called for redemption on March 1, 2007, all of its outstanding 5% Convertible Subordinated Debentures due September 1, 2013, at a 1% call premium plus accrued interest. At January 29, 2007, there were approximately $1.5 million of principal amount of such debentures outstanding.
On or prior to the close of business on February 27, 2007, holders of the 5% Convertible Debentures being called may convert their 5% Convertible Debentures into shares of common stock of Meridian Bioscience at a conversion price of $9.67 per share. On January 26, 2007, the closing price of the common stock was $29.45 per share. Holders of the 5% Convertible Debentures being called are reminded that the value of their 5% Convertible Debentures is greater than the par value redemption plus call premium of $1,010 per debenture if converted into common stock when the stock price is above $9.67 per share, excluding any transaction costs. For example, at the close on Friday, January 26, 2007, of $29.45 per share the value of the 5% Convertible Debenture was approximately $3,046 as compared to the par value of redemption plus call premium of $1,010. Holders of 5% Convertible Debentures being called are encouraged to consult with their financial advisor or broker regarding the best course of action regarding redemption or conversion. The right to convert the called 5% Convertible Debentures into common stock of Meridian Bioscience will expire at close of business on February 27, 2007. Copies of the notice of redemption may be obtained from LaSalle Bank, National Association, trustee and paying agent for the 5% Convertible Debentures, by calling (312) 904-2226.
To the extent that holders of the called 5% Convertible Debentures do not convert their 5% Convertible Debentures into common stock of Meridian Bioscience, such 5% Convertible Debentures will be redeemed on March 1, 2007, at a redemption price of $1,010 per $1,000 face amount, plus accrued and unpaid interest to March 1, 2007. Upon completion of this redemption, the Company will be debt free, have over $42 million in cash, and an unused credit line of $22.5 million.
Meridian is a fully integrated life science company that manufactures, markets and distributes a broad range of innovative diagnostic test kits, purified reagents and related products and offers biopharmaceutical enabling technologies. Utilizing a variety of methods, these products and diagnostic tests provide accuracy, simplicity and speed in the early diagnosis and treatment of common medical conditions, such as gastrointestinal, viral and respiratory infections. Meridian's diagnostic products are used outside of the human body and require little or no special equipment. The Company's products are designed to enhance patient well-being while reducing the total outcome costs of healthcare. Meridian has strong market positions in the areas of gastrointestinal and upper respiratory infections, serology, parasitology and fungal disease diagnosis. In addition, Meridian is a supplier of rare reagents, specialty biologicals and related technologies used by biopharmaceutical companies engaged in research for new drugs and vaccines. The Company markets its products and technologies to hospitals, reference laboratories, research centers, veterinary testing centers, physician offices, diagnostics manufacturers and biotech companies in more than 60 countries around the world. The Company's shares are traded through NASDAQ's Global Select Market, symbol VIVO. Meridian's website address is www.meridianbioscience.com.
CONTACT: Meridian Bioscience, Inc.
Melissa Lueke, Vice President & CFO, 513-271-3700
SOURCE: Meridian Bioscience, Inc.