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Home » Wright Medical plans $400m debt offering

Wright Medical plans $400m debt offering

February 9, 2015 By Brad Perriello

Wright Medical plans $400m debt offering

Wright Medical (NSDQ:WMGI) said today that it plans to float $400 million worth of senior debt it plans to hedge with cash convertible note hedge deals with institutional investors.

Memphis-based Wright said it expects to use the proceeds to pay off the hedges and for "general corporate purposes" including acquisitions and paying down about $250 million in debt.

The offering is expected to net $389 million (or $447 million if an initial purchasers’ option is exercised), Wright said.

Wright is gearing up for a $3.3 billion “merger of equals" with Tornier (NSDQ:TRNX). Last week U.S. anti-trust regulators extended their review of the deal, sending a formal request for more information.

In addition to the U.S. Federal Trade Commission’s request, Wright revealed that the FDA issued a Form 483 warning to a vendor that makes its Augment bone putty. That means a nod for Augment from the watchdog agency isn’t likely during the 1st quarter but could still happen during the 1st half of 2015, the company said last week.

Filed Under: Funding Roundup, News Well, Orthopedics Tagged With: Extremities, wrightmedical

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