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Integra Announces Amendment and Extension of Credit Facility and Private Placement of Convertible Senior Notes
PRINCETON, N.J., Feb. 03, 2020 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (NASDAQ:IART) today announced that it has amended and extended
About this update from Integra Lifesciences Holdings Corporation
[{"type":"text","content":"PRINCETON, N.J., Feb. 03, 2020 (GLOBE NEWSWIRE) -- Integra LifeSciences Holdings Corporation (NASDAQ:IART) today announced that it has amended and extended its credit facility and commenced a private offering of convertible senior notes.\n Amendment and Extension of Credit Facility Integra today announced that it has amended and extended its credit facility with a bank group led by Bank of America, N.A. The overall size of the credit facility is approximately $2.2 billion and consists of a revolving line of credit of $1.3 billion and an $877.5 million term loan. The maturity of the credit facility was extended to February 3, 2025. “We are pleased to announce this two-year extension of our credit facility under favorable credit terms,” said Carrie Anderson, chief financial officer, Integra. “With these new terms, we have strengthened our balance sheet and increased our flexibility to pursue our long-term revenue growth and profitability strategy. We appreciate the continued support and commitment from our lending group.” Borrowings from the credit facility will be used to cover fees and expenses incurred in connection with the credit facility, for general corporate purposes and other permitted uses. Private Placement of Convertible Senior Notes Integra today announced that it has commenced a private offering, subject to market conditions, of $500,000,000 aggregate principal amount of convertible senior notes due 2025 (the “Notes”). Integra expects to grant the initial purchasers of the Notes a 13-day option to purchase up to an additional $75,000,000 aggregate principal amount of Notes. The Notes will be senior, unsecured obligations of Integra, and interest will be payable semi-annually in arrears. The Notes will mature on August 15, 2025, unless earlier converted, repurchased or redeemed in accordance with the terms of the Notes. Prior to 5:00 p.m., New York City time, on the business day immediately preceding February 15, 2025, the Notes will be convertible at the option of holders of the Notes only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until 5:00 p.m., New York City time, on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Notes may be settled in shares of Integra’s common stock, cash or a combination of cash and shares of ...