The Firm recently represented the initial purchasers, led by J.P. Morgan Securities LLC, in the offering of $800 million aggregate principal amount of 2.25% Convertible Senior Notes due 2027 by CONMED Corporation, which includes the full exercise of the initial purchasers’ option to purchase additional Notes. CONMED used the net proceeds to pay the cost of the convertible note hedge transactions (after such cost is partially offset by the proceeds to CONMED from the warrant transactions) and to repurchase or exchange a portion of its existing convertible notes due 2024. CONMED intends to use the remaining net proceeds to pay a portion of the cash consideration for its recently announced acquisition of In2Bones Global, Inc. and repay a portion of the outstanding indebtedness under the credit facilities.
The Firm also represented certain dealers in related convertible bond hedge transactions and warrant transactions, entered into concurrently with such notes offering.
CONMED (NASDAQ: CNMD) is a medical technology company that provides surgical devices and equipment for minimally invasive procedures. The company’s products are used by surgeons and physicians in a variety of specialties, including orthopedics, general surgery, gynecology, neurosurgery, thoracic surgery and gastroenterology.
The Simpson Thacher team included Roxane Reardon, Lia Toback and Bethany Wong (Capital Markets); Jonathan Lindabury, Nathan Utterback and Danielle Robinson (Derivatives); Michael Mann (Tax); Jessica Cohen (Intellectual Property); Jeanne Annarumma (Executive Compensation and Employee Benefits); Vanessa Burrows (Healthcare); and Jennie Getsin (Blue Sky).