Biovail Receives Majority of Consents in Connection With Debt Tender Offer.Business Editors, Health & Medical Writers TORONTO--(BW HealthWire)--March 7, 2000 Biovail Corporation (NYSE NYSE See: New York Stock Exchange :BVF BVF Biovail Corporation (stock symbol) BVF Berufsverband der Frauenärzte eV (Muenchen, Germany) BVF Bearing Versus Frequency )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BVF.) today announced that as of 5:00 p.m., March 6, 2000 (the "Consent Date"), it had received the consent of a majority of the holders of its 10 7/8% Senior Notes due 2005 (the "Notes") to certain proposed amendments to the indenture governing the Notes. Biovail intends to promptly execute a supplemental indenture implementing the proposed amendments, but such amendments will not become operative unless and until Biovail accepts for purchase Notes properly tendered in the related tender offer. Biovail's obligation to accept for purchase and to pay for Notes properly tendered and not withdrawn, is subject to certain conditions which are described in the offer to purchase and consent solicitation Consent Solicitation A solicitation by one party to the stakeholders of a particular security for the consent of a material change. Notes: Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with statement that has been sent to holders of the Notes. The tender offer is currently scheduled to expire at 12:00 midnight, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on March 20, 2000. Biovail also announced that the total consideration payable by Biovail for each $1,000 principal amount of Notes validly tendered on or prior to the Consent Date, assuming a payment date of March 21, 2000, is $1,128.20. This amount is comprised of $1,108.20 offer consideration and a $20.00 consent payment. As described in the offer to purchase and consent solicitation statement, holders of Notes who tender their Notes after the Consent Date will only be entitled to receive the offer consideration and will not be entitled to the consent payment. Donaldson, Lufkin & Jenrette Securities Corporation is serving as the Dealer Manager and Firstar Bank, N.A. is serving as Depositary in connection with the tender offer and consent solicitation. Biovail Corporation is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration and manufacture of drug products utilizing advanced drug delivery technologies. "Safe Harbor" statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 To the extent any statements made in their release contain information that is not historical, these statements are essentially forward looking and are subject to risks and uncertainties, including the difficulty of predicting FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. and TPD TPD Tons Per Day TPD Therapeutic Products Directorate TPD Total and Permanent Disablement (insurance) TPD Temperature Programmed Desorption TPD Temporary Partial Disability (insurance) approvals, acceptance and demand for new pharmaceutical products, the impact of competitive products and pricing, new product development and launch, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. |
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