Greatbatch Announces Pricing of $360 Million of 9.125% Senior Notes due 2023
October 20 2015 - 1:59PM
Greatbatch, Inc. (NYSE:GB) today announced that its wholly-owned
subsidiary Greatbatch Ltd. had priced its previously announced
private offering of $360 million aggregate principal amount of
senior notes due 2023 at an issue price of 100%. The notes will
have a coupon of 9.125% and will mature on November 1, 2023. The
sale of the notes is expected to close on October 27, 2015, subject
to customary closing conditions. Greatbatch intends to use the
net proceeds from the notes as part of the financing for its
previously announced acquisition of Lake Region Medical Holdings,
Inc. The Lake Region acquisition is currently expected to close in
late October.
If the offering of the notes closes prior to the closing of the
Lake Region acquisition, the gross proceeds from the offering
(together with an additional amount representing interest payable
on the notes through the date that is five business days after
February 23, 2016) will be deposited into an escrow account until
closing of the acquisition. If the closing of the Lake Region
acquisition does not occur on or prior to February 23, 2016, or
Greatbatch determines not to pursue the acquisition or the
acquisition agreement is terminated, the notes will be subject to a
special mandatory redemption at a redemption price equal to 100% of
the initial issue price of the notes, plus accrued and unpaid
interest to, but not including, the special mandatory redemption
date.
Upon consummation of the acquisition, Greatbatch, Inc. and
certain of its U.S. subsidiaries (including certain U.S.
subsidiaries acquired in connection with the Lake Region
acquisition) will guarantee the notes.
The notes and related guarantees are being offered and sold in a
private offering only to qualified institutional buyers pursuant to
Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act"), and to non-U.S. persons in transactions outside
of the United States in reliance on Regulation S under the
Securities Act. The notes and related guarantees have not been and
will not be registered under the Securities Act or the securities
laws of any jurisdiction and may not be offered or sold in the
United States absent an effective registration statement or an
applicable exemption from the registration requirements.
This press release is neither an offer to sell nor a
solicitation of an offer to buy the notes or related guarantees nor
shall there be any offer, solicitation or sale of the
notes or related guarantees in any jurisdiction where the offer,
solicitation or sale is not permitted.
About Greatbatch, Inc.
Greatbatch, Inc. (NYSE:GB) provides top-quality technologies to
industries that depend on reliable, long-lasting performance
through its brands Greatbatch Medical, Electrochem and QiG Group.
The company develops and manufactures critical medical device
technologies for the cardiac, neuromodulation, vascular and
orthopaedic markets; and batteries for high-end niche applications
in the portable medical, energy, military, and environmental
markets. Additional information is available at
www.greatbatch.com.
Forward-Looking Statements
Some of the statements contained in this press release are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange Act
of 1934, as amended.
You can identify forward-looking statements by terminology such
as "may," "will," "should," "could," "expects," "intends," "plans,"
"anticipates," "believes," "estimates," "predicts," "potential" or
"continue" or "variations" or the negative of these terms or other
comparable terminology. These forward-looking statements include,
but are not limited to, statements about the expected timing of
completion of the acquisition of Lake Region and other statements
that are not historical facts. Such statements are based upon the
current beliefs and expectations of Greatbatch's management and are
subject to significant risks and uncertainties that could cause
actual outcomes and results to differ materially. These risks and
uncertainties include, but are not limited to, the inability to
obtain regulatory approvals of the acquisition of Lake Region
(including the approval of antitrust authorities necessary to
complete the transaction) on the terms desired or anticipated; the
timing of such approvals and the risk that such approvals may
result in the imposition of conditions that could adversely affect
the combined company or the expected benefits of the transaction;
the risk that a condition to closing the transaction may not be
satisfied on a timely basis or at all; and the risk that the
proposed transaction fails to close for any other reason.
Greatbatch assumes no obligation to update forward-looking
statements in this press release whether to reflect changed
assumptions, the occurrence of unanticipated events or changes in
future operating results, financial conditions or prospects, or
otherwise.
CONTACT: Investor Relations Contact:
Elizabeth Cowell
ecowell@greatbatch.com
tel 214-618-4982
Media Contact:
Christopher Knospe
cknospe@greatbatch.com
tel 716-759-5727
Integer (NYSE:ITGR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Integer (NYSE:ITGR)
Historical Stock Chart
From Apr 2023 to Apr 2024