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Performance Health to repay second-lien term loan with stock proceeds
By Tali Rackner
Norfolk, Va., April 22 – Performance Health Holdings Corp. plans to prepay some or all of the outstanding principal on the term loan under its second-lien credit facility maturing April 11, 2021 with the proceeds from a common stock offering, according to a filing with the Securities and Exchange Commission.
The company incurred debt under its senior secured credit facilities, including under the second-lien credit facility, in February to redeem the outstanding principal amount under its then-outstanding senior subordinated promissory notes due in April 2019, repay its then-outstanding term loan and revolving line of credit borrowings, make a $134 million distribution to stockholders and partially fund its fiscal 2015 acquisition.
Any remaining proceeds from the stock offering will be used for general corporate purposes.
Performance Health is an Akron, Ohio-based health care product manufacturer.
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