Wright Medical announces fundamental change, adjusts exchange rates

By Cady Vishniac

Detroit, Nov. 12 – Wright Medical announced a fundamental change and a make-whole fundamental change under the indentures governing the 2.25% cash convertible senior notes due 2021 issued by Wright Medical Group NV and the 1.625% cash convertible senior notes due 2023 issued by Wright Medical Group, Inc. due to the acquisition by Stryker Corp. through a tender offer and mergers, according to a press release.

The effective date of the mergers was Nov. 11 and in connection with the tender offer was Nov. 12.

Due to the fundamental change, the fundamental change repurchase date will be Dec. 8.

In connection with the make-whole fundamental change the conversion rate of the 2021 notes will be adjusted to 47.4849 and the exchange rate of the 2023 notes will be adjusted 34.5507 for any conversions between Nov. 11 and Dec. 7.

The reference property per ordinary share of Wright Medical Group NV will be $30.75.

Wright Medical Group is an Amsterdam-based global medical device company that was acquired in a merger with Stryker Corp. Stryker is an American multinational medical technologies corporation based in Kalamazoo, Michigan.

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