CAMBRIDGE, Mass.--(BUSINESS WIRE)--Genzyme Corporation, a wholly-owned subsidiary of Sanofi, announced today that its previously announced solicitation of consents (the “Consent Solicitation”) from holders of its outstanding 3.625% Senior Notes due 2015 (the “2015 Notes”) and 5.000% Senior Notes due 2020 (the “2020 Notes” and, collectively with the 2015 Notes, the “Notes”) to the release of the existing guarantee of the Notes by Genzyme Europe B.V. (the “B.V. Guarantee”) and certain amendments to the indenture governing the Notes, including the elimination of substantially all of the restrictive covenants contained in the indenture and the Notes (other than, among other covenants, the covenant to pay interest and premium, if any, on, and the principal of, the Notes when due) (the “Proposed Amendment”), expired at 5:00 p.m., New York City time, on June 17, 2011 (the “Expiration Date”). As of the Expiration Date, holders of $488.4 million aggregate principal amount of the 2015 Notes, representing 97.7% of the aggregate principal amount of 2015 Notes outstanding, and holders of $478.5 million aggregate principal amount of the 2020 Notes, representing 95.7% of the aggregate principal amount of 2020 Notes outstanding, validly delivered a duly executed consent (the “Consent”) for the release of the B.V. Guarantee and the Proposed Amendment. The consents received exceed the number needed to approve the release of the B.V. Guarantee and the Proposed Amendment.
