In the recently closed offering, the Plainsboro, N.J.-based company floated approximately 5.3 million shares of common stock at $58.50 per share. The offering included a 30-day underwriter’s option to purchase an additional 787,500 shares of common stock, which was fully exercised.
Integra said it expects the net proceeds from the offering to be approximately $350 million after deducting underwriter’s discounts and commissions, and the company plans to use net proceeds to help reduce borrowings through the company’s senior credit facility, according to an SEC filing.
During the same week it announced the financing round, Integra also said that it amended its existing $2.2 billion credit facility with Bank of America, which consists of a revolving line of credit of $1.3 billion and a $900 million term loan. New terms include a decrease in interest rates and commitment fees and an extension to the maturity of the facility to May 3, 2023.
Last month, Integra Lifesciences beat the consensus expectation for both its sales and earnings with its first quarter earnings results.