Empi to repay some term loan debt with IPO proceeds

By Sara Rosenberg

New York, March 24 - Empi Inc. plans on using at least 50% of the proceeds from its initial public offering of common stock to repay term loan debt, according to an S-1 registration statement filed with the Securities and Exchange Commission on Wednesday.

At Dec. 31, 2003, the company had $165 million outstanding under its term loan with an effective interest rate of 4.24%.

Any remaining proceeds from the IPO will be used for general corporate purposes, including repaying or refinancing debt or other corporate obligations, acquisitions, working capital, capital expenditures, general and administrative expenses and/or any other purpose permitted under the senior secured credit facility, the filing added.

Empi is a St. Paul, Minn. medical device company.

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