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Advanced Medical Optics sells notes to buy back $500m in shares:

This article was originally published in Clinica

Executive Summary

Advanced Medical Optics is intending to raise up to $500m through a sale of convertible senior subordinated notes due 2026. The Santa Ana, California-based ophthalmic company plans to use the net proceeds from the offering, together with borrowings under its senior credit facility, to purchase $500m worth of shares of its common stock, as well as up to $100m of its outstanding convertible notes. The move, viewed as an "extremely positive" proposal, is expected to have a significantly accretive impact on the firm's profits for 2006 and 2007, forecasts Merrill Lynch analyst Lee Brown.

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