Biomet Completes $825M Senior Notes Offering and $800M Senior Subordinated Notes Offering
Biomet today announced the completion of its previously announced offering of $825 million aggregate principal amount of senior notes due 2020 (the “Additional Senior Notes”), at an issue price of 105.000% plus accrued interest from August 8, 2012 and of $800 million aggregate principal amount of senior subordinated notes due 2020 (the “Senior Subordinated Notes” and, together with the Additional Senior Notes, the “Notes”) at an issue price of 100.000%. The Additional Senior Notes are a follow-on issue to the Company's $1.0 billion aggregate principal amount of 6.500% senior notes due 2020 issued on August 8, 2012 (the “Existing Senior Notes”) and will form a single class of debt securities with the Existing Senior Notes.
The Notes were offered in private offerings 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 accordance with Regulation S of the Securities Act.
Biomet intends to use the net proceeds from the offerings of the Notes, together with cash on hand and other sources, to fund the company's tender offer for any and all of its outstanding 10% senior notes due 2017 (the “2017 Senior Notes”) and up to $800 million of its outstanding 11⅝% senior subordinated notes due 2017 (the “2017 Senior Subordinated Notes” and, together with the 2017 Senior Notes, the “2017 Notes”). Biomet today called for redemption all outstanding 2017 Notes not accepted for purchase in the tender offer.
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