Symmetry Medical repays $67 million mezzanine debt via revolver

By Toni Weeks

San Luis Obispo, Calif., Dec. 27 - Symmetry Medical Inc. paid down its $67 million of mezzanine debt due December 2017 using its existing $200 million senior secured revolving credit facility, according to a press release.

"While our mezzanine debt was an important enabler of our transformation investments in Symmetry Surgical in 2011, it has always been our intention to eliminate it as early as possible," president and chief executive officer Thomas J. Sullivan said in the release.

"With nearly $100 million in debt reduction these past two years, we are well positioned to execute this immediately accretive transaction on schedule."

The release noted that lower interest payments associated with the elimination of the higher rate mezzanine debt will be about $0.10 accretive to 2014 earnings per share.

The company amended its credit agreement to allow the repayment and update its total leverage ratio covenant.

Symmetry Medical is a Warsaw, Ind.-based provider of products to the orthopedic device industry and other medical markets.

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