Tornier repays, terminates credit agreement in connection with merger

By Wendy Van Sickle

Columbus, Ohio, Oct. 1 – Tornier NV repaid and terminated its credit agreement, dated Oct. 4, 2012, with Bank of America, NA as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

The credit agreement provided a senior secured revolving credit facility to subsidiary Tornier Inc. denominated in dollars, euros, pounds sterling and yen up to $30 million. It also provided a senior secured term loan facility to Tornier Inc. of up to $85 million and a euro-denominated senior secured term loan of up to $40 million. The euro-denominated facility was repaid during 2013.

At termination, Tornier repaid its outstanding debt of about $81.2 million.

Tornier did not incur any penalties in connection with the termination of the agreement, which came in connection with its merger with Wright Medical Group, Inc.

Tornier is an Amsterdam-based medical device company focused on providing surgical solutions to orthopedic extremity specialists. Upon the completion of the merger, it was renamed Wright Medical Group NV.

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