Wright Medical plans $400m debt offering (MassDevice)
Wright Medical plans to float $400 million worth of senior notes.
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....
