The Arlington, Tenn.-based orthopedic medical device company said it will offer the notes to qualified institutional investors, with initial backers given an option for another $30 million worth of the debt to cover over-allotments, according to a press release.
About $130 million of the net proceeds are slated for paying back a term loan and a portion of the private placement’s costs, "and for general corporate purposes, including possible acquisitions," according to the release.
"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," Wright Medical said.
The company also said it plans to ink "1 or more privately negotiated convertible note hedge transactions with certain financial institutions" to "reduce its exposure under the notes to future increases in the price of its common stock."
Siemens Healthcare buys ultrasound imager, its own shares
Siemens (NYSE:SI) inked a deal to buy ultrasound imaging device maker Penrith Corp. of Plymouth Meeting, Pa., for an undisclosed amount.
Telcare dials up $26M
Telcare, which bills itself as the developer of the 1st FDA-cleared wireless glucose monitoring system for diabetes, said it landed $25.5 million in a Series B equity offering led by Sequoia Capital and including existing backer Qualcomm. Read more
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