Inverness offers to buy back $150m in notes

Inverness Medical Innovations Inc., a Waltham maker of diagnostic products, is offering to buy back $150 million worth of senior notes as it moves to buy Biosite Inc. for $92.50 per share.

Today, the company said it started an offer to buy the outstanding 8.75 percent senior subordinated notes due 2012. The offer is scheduled to expire June 25. The total consideration for the buyback will be announced June 11.

Inverness is also soliciting consents to eliminate restrictive covenants in the indenture governing the notes and modify certain other provisions. The buyout offer is also conditioned on the company’s receiving $1.3 billion in financing.

Inverness initiated a tender offer for Biosite shares at $92.50 per share.
(AP)