Biomet calls two series of 6½% notes due 2020 after acquisition closes

By Susanna Moon

Chicago, June 25 – Biomet, Inc. called its 6½% senior subordinated notes due 2020 and 6½% senior notes due 2020, according to an 8-K filing with the Securities and Exchange Commission.

The notes will be redeemed at par plus a call premium and accrued interest to the redemption date of June 26, as announced May 27.

The redemption was conditioned on the acquisition of the company by Zimmer Holdings, Inc., which closed June 24.

For the purchase, the company paid about $11.17 billion in cash, about $5.79 billion of which was used to pay off outstanding funded debt of the company and its subsidiaries, and 32,703,579 shares of the parent’s common stock.

Wells Fargo Bank, NA is the trustee.

Biomet is a Warsaw, Ind.-based manufacturer of musculoskeletal biomedical devices.

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