The consideration is subject to adjustments based on ConvaTec’s audited 2007 financial statements and closing working capital. The closing, which is subject to customary regulatory approvals, is anticipated in the third quarter of 2008.
Nordic Capital and funds associated with Avista have severally guaranteed the obligations of the newly formed purchaser under the purchase agreement.
The purchaser has entered into a fully committed loan agreement which provides for funding by the lenders with no material conditions other than the conditions under the purchase agreement and customary conditions relating to the delivery of closing documents and financial information as well as conditions related to the status of the purchaser.