West Pharmaceutical Services Completes Medimop Acquisition and Debt Financing
Posted on: Tuesday, 2 August 2005, 18:00 CDT
LIONVILLE, Pa., Aug. 2 /PRNewswire-FirstCall/ -- West Pharmaceutical Services, Inc. today announced that it has completed its previously announced acquisition of 90% of the stock of Medimop Medical Projects, Ltd., a leading developer of disposable medical devices for the mixing, transfer, reconstitution and administration of injectable drugs. The acquisition was completed on terms consistent with those described in the Company's earlier announcement of the transaction.
In addition, West announced that it has completed the issuance of $75 million of long-term, floating interest rate notes. The Company entered into an interest rate swap agreement, effectively fixing the interest rates on the new debt, at 5.32% for $50 million of the notes maturing in 2012, and at 5.51% for $25 million of the notes maturing in 2015. The proceeds of the issuance will be used to pay the cash portion of the Medimop acquisition and to repay existing bank debt.
About West Pharmaceutical Services, Inc.
West Pharmaceutical Services, Inc. is the world's premier manufacturer of components and systems for injectable drug delivery, including stoppers and seals for vials, and closures and disposable components used in syringe, IV and blood collection systems. The Company also provides products with application to the personal care, food and beverage markets. West's customers include the world's leading pharmaceutical, biotechnology, generic drug and medical device producers. Headquartered in Lionville, Pennsylvania, West Pharmaceutical Services supports its partners and customers from 50 locations throughout North America, South America, Europe, Mexico, Japan, Asia and Australia. For more information, visit West at http://www.westpharma.com/
West Pharmaceutical Services, Inc.
CONTACT: Michael A. Anderson, Vice President and Treasurer of WestPharmaceutical Services, Inc., +1-610-594-3345, mike.anderson@westpharma.com;Media - Risa Goldman of Schwartz Communication, +1-781-684-0770,westpharma@schwartz-pr.com Investors and Financial Media - Julie Huang orTheresa Kelleher both of Financial Dynamics, +1-212-850-5600, wst@fd-us.com
Web site: http://www.westpharma.com/
Source: PRNewswire-FirstCall
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