CORONA, Calif., March 9 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. announced today the expiration of its previously announced cash tender offer for all of its $150 million principal amount of 7 1/8% Senior Notes due 2008 (the “Notes”). The tender offer expired on March 5, 2004 at 5:00 p.m., New York City time (the “Expiration Date”). All Notes validly tendered and not properly withdrawn pursuant to the tender offer have been accepted for payment by Watson.
Watson received tenders of Notes (and deliveries of consents in connection with the related consent solicitation) from holders of a total of $101,615,000 principal amount of Notes, representing approximately 67.74% of the aggregate principal amount of Notes outstanding prior to the tender offer. This entire amount of Notes were tendered on or prior to 5:00 p.m., New York City time on February 19, 2004 (the “Consent Date”), and Watson purchased the Notes tendered on or prior to the Consent Date on February 23, 2004. Watson expects to incur a charge in the first quarter of 2004 of approximately $14 million in connection with the repurchase of the Notes.
Lehman Brothers acted as the sole dealer manager for the tender offer and sole solicitation agent for the consent solicitation. The information agent and the tender agent for the tender offer and consent solicitation was D.F. King & Co., Inc.
This news release is neither an offer to purchase nor an offer to sell securities. The tender offer was made solely by the Offer to Purchase and Consent Solicitation Statement dated February 5, 2004.
About Watson Pharmaceuticals, Inc.
Watson Pharmaceuticals, Inc., headquartered in Corona, California, is a leading specialty pharmaceutical company that develops, manufactures, markets, sells and distributes branded and generic pharmaceutical products. The Company pursues a growth strategy combining internal product development, strategic alliances and collaborations and synergistic acquisitions of products and businesses.
For press releases and other company information, visit Watson Pharmaceutical’s Web site at http://www.watsonpharm.com/ .
Forward Looking Statements
Statements contained in this press release that refer to future events or other non-historical facts about the Company are forward-looking statements that reflect the Company’s current perspective of existing trends and information as of the date of this release. Except as expressly required by law, the Company disclaims any intent or obligation to update these forward-looking statements. These forward-looking statements involve risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from the Company’s current expectations depending upon a number of factors affecting the Company’s business. These factors include, among others, risks and uncertainties detailed in the Company’s most recent filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2002 and its Quarterly Report on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2003.
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CONTACT: Patty Eisenhaur of Watson Pharmaceuticals, Inc.,+1-909-493-5611
Web site: http://www.watsonpharm.com/