Wright Medical Group announced its intention to commence a financing offering of $200,000,000 million principal amount of its Cash Convertible Senior Notes due 2017 (the “Notes”), to be offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.
The Company intends to grant the initial purchasers of the Notes an option to purchase up to an additional $30,000,000 million principal amount of Notes to cover over-allotments.
The Notes will be convertible into cash under certain conditions and during certain periods based on the value of the Company’s common stock.
The Company intends to use approximately $130 million of net proceeds to pay the outstanding term loan under its senior credit facility and a portion of the net proceeds to fund the cost of the convertible note hedge transactions.
The balance of the net proceeds will be used to fund up to $30 million of repurchases we are able to make of our convertible senior notes due 2014 and for general corporate purposes, including possible acquisitions.
For further deal information visit Current Agreements (subscription required)
Read: more on financing deals in pharma, biotech, life science partnering deal news, insights and glossary
View: Current Partnering’s Partnering Scorecard – view top life science partnering deals by value
View: Current Partnering’s M&A Scorecard – view top life science M&A deals by value
View: Current Partnering’s Financing Scorecard – view top life science financing deals by value
View: Current Partnering’s Deal Metrics – the latest deal trend infographics for life science deal making
View: Current Partnering’s Big Pharma Deal Making Scorecard– latest trends in big pharma deal making activity