Greatbatch Announces Private Offering of $360M of Senior Notes
FRISCO, Texas, Oct. 13, 2015 (GLOBE NEWSWIRE) — Greatbatch, Inc. (NYSE:GB) today announced that its wholly-owned subsidiary Greatbatch Ltd. intends to offer, subject to market and other conditions, $360 million aggregate principal amount of senior notes due 2023 in connection with its previously announced acquisition of Lake Region Medical Holdings, Inc.
This offering is part of the financing for the acquisition. The acquisition of Lake Region is currently expected to close in the fourth quarter of 2015.If the offering of the notes closes prior to the closing of the acquisition of Lake Region, the gross proceeds from the offering (together with certain additional amounts) will be deposited into an escrow account until closing of the acquisition. If the closing of the acquisition of Lake Region 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 subsidiaries (including certain subsidiaries acquired in connection with the acquisition) will guarantee the notes.