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WILMINGTON, Mass.--(BUSINESS WIRE)--July 10, 2000--Charles River Laboratories, Inc. announced today that it will redeem 35% of the aggregate principal amount of its 13 1/2% Senior Subordinated Notes due 2009, pursuant to the "IPO clawback" provisions of the Notes. The redemption is scheduled to occur on August 10, 2000. The aggregate principal amount of the Notes to be redeemed is $52,500,000, at an aggregate cash redemption price of $59,587,500, or 113.5% of their original principal amount, plus accrued and unpaid interest through the date of the redemption. The redemption will be funded from the proceeds of the recently completed Initial Public Offering of 16,100,000 shares of Common Stock of the Company's parent holding company, Charles River Laboratories International, Inc. (NYSE: CRL), which raised gross proceeds of $257.6 million.
Charles River Laboratories, Inc., based in Wilmington, Massachusetts, is a leading provider of critical research tools and integrated support services that enable innovative and efficient drug discovery and development. Charles River is the global leader in providing the animal research models required in research and development for new drugs, devices and therapies and has been in this business for more than 50 years. Since 1992, the Company has built upon its research model technologies to develop a broad and growing portfolio of biomedical products and services. The Company offers a wide array of services that enable its customers to reduce costs, increase speed and enhance productivity and effectiveness in drug discovery and development. Charles River's customer base spans over 50 countries and include all of the major pharmaceutical and biotechnology companies, as well as many leading hospitals and academic institutions. The Company currently operates 53 facilities in 15 countries worldwide.
This document may contain "forward looking statements." Such statements involve a number of risks and uncertainties that could cause actual results to differ materially from those stated or implied by the forward looking statements, including global economic and market conditions, production disruption at key facilities, and others that are described in the Company's periodic SEC filings. The Company disclaims an intent or obligation to update forward-looking statements.
CONTACT: Charles River Laboratories, Inc.
James C. Foster 978-658-6000 or Charles River Laboratories, Inc. Investor Relations Dennis R. Shaughnessy 978-658-6000 ext. 1438 firstname.lastname@example.org or Charles River Laboratories, Inc. Thomas F. Ackerman 978-658-6000