CONMED Announces Private Offering Of $600 Mln Senior Notes; Shares Down 7%

(RTTNews) - CONMED Corporation (CNMD) Tuesday announced that it intends to offer $600 million worth convertible senior notes due 2027 in a private offering to qualified institutional buyers. Shares of the company slipped 7% following the news.

CONMED expects to grant the initial purchasers an option to purchase up to an additional $100 million of notes.

CONMED plans to use a portion of the remaining proceeds offering to repurchase or exchange a portion of its 2.625% convertible senior notes due 2024. CONMED will also use the proceeds to pay a portion of the cash consideration for its recently announced acquisition of In2Bones Global, Inc. and to repay a portion of indebtedness outstanding under its credit facilities.