, BY
Wright Medical (NSDQ:WMGI) today said it raised $395 million in a private placement of debt with a syndicate of institutional investors.
The offering, of 2.25% convertible senior notes due in 2021, is expected to close May 20, Wright said. Some holders of Wright’s 2.0% notes due in 2017 and 2020 have pledged to exchange the older debt for the notes being issued now, Wright said.
Net proceeds, excluding $54.4 million in 2017 notes, $45.0 million in 2020 notes (Wright said it won’t receive any proceeds from the note swaps) and $45.2 million in hedge transaction fees, are expected to be $241.3 million. That’s slated to be used for “general corporate purposes, Wright said.
