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RTI Surgical to get $100 million of debt financing for Paradigm buy
By Sara Rosenberg
New York, Nov. 1 – RTI Surgical Inc. plans to get about $100 million in new debt financing provided by Ares Capital Corp. to help fund its acquisition of Paradigm Spine LLC, according to a news release.
Paradigm Spine is being bought in a cash and stock transaction valued at up to $300 million, consisting of $150 million at closing plus potential future milestone payments. RTI will pay $100 million in cash and 10,729,614 shares of RTI common stock at closing. The potential milestone payments are payable in a combination of cash and RTI common stock.
Closing is expected in the first quarter of 2019, subject to regulatory approvals, approval by RTI shareholders and Paradigm Spine equity holders, and other customary conditions.
RTI is an Alachua, Fla.-based surgical implant company. Paradigm Spine is a New York-based designer and developer of solutions for the disease management of spinal stenosis.
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