Bioventus (Nasdaq:BVS) announced today that it intends to offer $415 million in aggregate principal amount of senior notes due in 2027.
Durham, North Carolina-based Bioventus’ private offering of senior notes will be guaranteed by each of its domestic restricted subsidiaries that guarantee its obligations under its senior secured credit facilities. The company is the creator of innovations for active healing and surgical orthobiologics.
According to a news release, Bioventus will use the net proceeds to fund the remaining purchase price of its $315 million acquisition of CartiHeal. Additionally, funds will go toward repaying a portion of outstanding borrowings under Bioventus’ amended and restated credit facilities and for paying fees and expenses in connection with the offering.
The company said that any net proceeds remaining from the offering will be used for general corporate purposes.
Bioventus also announced preliminary first-quarter results, with net sales expected to range between $116.5 million and $118.5 million. That range reflects 42% to 45% revenue growth year-over-year compared to the first quarter of 2021.
“The Bioventus team exhibited strong performance during the first quarter amid a challenging macro environment,”CEO Ken Reali said in a separate release. “We continued to deliver above-market revenue growth in pain treatments and saw monthly sequential improvements in surgical solutions revenue growth as elective procedures began to steadily recover in the second half of the quarter.”