Acelity to float $400m in senior notes offering, reports slimmed losses for Q4, FY2015

Acelity said today that through its subsidiaries Kinetic Concepts and KCI USA, the company will float $400 million in 1st lien senior unsecured notes through a private offering, and reported its Q4 and fiscal year 2015 earnings, with losses shrinking for both. The San Antonio, Texas-based company intends to use the funds to repay outstanding debt on its senior term E-2 credit facility which comes due on November 4 this year. Funds will also be used to pay fees and expenses related to repaying the credit line coming due in November, and for general corporate purposes, the company said. The company reported losses of $15.5 million for the 3 months ended December 31, on sales of $483.8 million. Sales are a slim 0.2% up from the same period last year, with losses shrinking 47.4% For the full fiscal year, Acelity reported losses of $46.6 million, down a whopping 79.3% from its fiscal year 2014, while sales were evenly matched. “Our strong 4th quarter performance reflects the realization of strategic investments we’ve made in our business and employees to drive sustainable, long-term growth. With five consecutive quarters of organic revenue growth, 2015 marks a pivotal year for Acelity as we continue to execute our strategy. We delivered a solid quarter in both advanced wound therapeutics and regenerative medicine, led by continued volume increases in advanced devices as well as double-digit growth in revenue from breast reconstruction procedures. Sales of our expansion pr...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Business/Financial News MassDevice Earnings Roundup Acelity Source Type: news