Integra LifeSciences to fund Derma buy with credit facility borrowings

By Tali Rackner

Norfolk, Va., Jan. 11 – Integra LifeSciences Holdings Corp. plans to use borrowings under its existing credit facility to finance its acquisition of Derma Sciences Inc., according to a press release.

Under the agreement, Integra will begin a tender offer to purchase all of the outstanding shares of Derma Sciences common stock for $7 per share in cash. Integra will also offer to purchase the outstanding shares of Derma Sciences preferred stock for an amount equal to its liquidation preference per share.

The tender offer will be followed by a merger of Derma Sciences with a newly formed subsidiary of Integra.

The transaction is expected to be completed by the end of the first quarter, subject to customary closing conditions.

Integra is a medical technology company based in Plainsboro, N.J. Princeton, N.J.-based Derma Sciences manufactures and markets advanced wound care products.

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