Integra LifeSciences prices $307m offering, extends BofA loan

Integra LifeSciences (NSDQ:IART) this week priced a public offering worth up to $307 million and announced it amended an existing credit facility with a bank group led by Bank of America. In its upcoming offering, the Plainsboro, N.J.-based company said it plans to float approximately 5.3 million shares of common stock at $58.50 per share. The offering also includes a 30-day underwriter’s option to purchase an additional 787,500 shares of common stock. The offering is expected to close on May 14, according to a press release. Proceeds from the offering are slated to help reduce borrowings through the company’s senior credit facility, Integra said. In a separate release, Integra said it amended its existing $2.2 billion credit facility with Bank of America, which consists of a revolving line of credit of $1.3 billion and a $900 million term loan. New terms include a decrease in interest rates and commitment fees and an extension to the maturity of the facility to May 3, 2023. Integra said that borrowings from the new revolving facility will be used to cover fees and expenses incurred in connection with the facility, and for general corporate purposes. “We are pleased to announce the two-year extension of our credit facility with improved pricing. With these new terms, we have strengthened our balance sheet and increased our flexibility to pursue our long-term revenue growth and profitability strategy. We appreciate the continued support and commitment fro...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News integralifesciences Source Type: news