Teleflex prices $400m debt offering

Teleflex (NYSE:TFX) yesterday priced $400 million worth of debt that the maker of surgical tools and equipment plans to use for debt refinancing. The offering, of 4.875% senior notes due in 2026, is expected to close May 16. Teleflex said it plans call to use the money to refinance $393 million in debt under its revolving credit facility. J.P. Morgan and BofA Merrill Lynch are the joint book-runners for the flotation, Teleflex said. The refi comes in the wake of a solid 2016 1st quarter for Teleflex. The Wayne, Pa.-based company reported $50.7 million in profit, or $1.04 per share, on sales of $424.9 million for the quarter ending March 27. That’s a 32.2% bottom line gain on a -1.1% sales decline. Teleflex also announced its anesthesia division signed a pair of new group purchasing agreements with HealthTrust, for laryngeal mask airways and pain management solutions. The company is also weathering a Class I recall of its Arrow intra-aortic balloon catheter and percutaneous insertion kits. Teleflex recalled more than 13,400 of the devices due to the risk of the sheath body detaching from its hub. The action followed reports of 13 adverse events, including 6 serious injuries and 1 death. The post Teleflex prices $400m debt offering appeared first on MassDevice.
Source: Mass Device - Category: Medical Equipment Authors: Tags: Funding Roundup Teleflex Source Type: news