Merge launches offer to refinance debt

Healthcare IT and advanced visualization developer Merge Healthcare has begun a cash tender offer to refinance its $252 million in debt.

Merge said it undertook the tender offer to improve its financial position by refinancing its indebtedness under the notes at a lower interest rate, which currently stands at 11.75%. In connection with the offer, Merge is soliciting approval to effect certain proposed amendments to the notes that would eliminate substantially all of the restrictive covenants and certain events of default contained therein.

It would release all of the collateral securing the notes, would shorten the minimum redemption period required for Merge to redeem notes from 30 days to three business days prior to the redemption date, and would modify certain other related provisions, according to the company.

The purchase offer will expire at midnight, Eastern time, on April 29, unless extended or terminated earlier. Jefferies is acting as the dealer manager for the tender offer and solicitation agent for the consent solicitation, while i-Deal is acting as the information agent and tender agent for the tender offer and consent solicitation.

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