Biomet starts tender for 10 3/8-11 1/8% toggle notes due 2017

By Toni Weeks

San Diego, July 25 - Biomet Inc. announced the launch of its cash tender offer for any and all of its $771 million of 10 3/8-11 1/8% senior toggle notes due 2017.

The company said on Wednesday it would accept for purchase up to $500 million of the notes and increased the offer the same day, saying it will purchase any and all of its $771 million of outstanding notes.

The offer will end at midnight ET on Aug. 21.

For each $1,000 principal amount, Biomet will pay a total price of $1,069.97, including an early tender premium of $30.00 to those who submit their notes prior to 5 p.m. ET on Aug. 7.

The company will also pay accrued interest.

If tenders are received in excess of the cap, notes will be accepted on a prorated basis.

The offer has a financing condition.

The lead dealer managers are Goldman Sachs & Co. (800 828-3182 or call collect 212 357-0345), Barclays Capital Inc. (212 528-7581), J.P. Morgan Securities LLC (800 245-8812 or call collect 212 270-1200), Bank of America Merrill Lynch (888 292-0070 or call collect 980 387-3907), Citigroup Global Markets Inc. (212 723-6106) and Wells Fargo Securities, LLC (866 309-6316 or call collect 704 715-8341).

Global Bondholder Services Corp. is the depositary and information agent (866 470-3900).

Biomet is a Warsaw, Ind.-based designer, manufacturer and marketer of products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.