Teleflex closes $400m debt offering

Teleflex (NYSE:TFX) said Monday it closed a $400 million debt offering round through the offering of 4.875% senior notes due in 2026. The Wayne, Penn.-based company said it expects to net approximately $393 million from the offering after deducting underwriters discounts and commissions, and intends to use the proceeds to repay borrowings from its revolving credit facility, according to an SEC filing. The refi comes in the wake of a solid 2016 1st quarter for Teleflex. The 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 closes $400m debt offering appeared first on MassDevice.
Source: Mass Device - Category: Medical Equipment Authors: Tags: Blog Teleflex Source Type: news