Kinetic Concepts repays $75 million of revolver, $68 million under previous facility

By Jennifer Chiou

New York, Oct. 22 - Kinetic Concepts, Inc. announced that it used cash on hand for the voluntary $75 million repayment under its revolving credit facility on Sept. 30.

The company also said that it used proceeds from acquisition financing comprised of a $1 billion senior secured term loan due 2013 and $690 million of 3.25% convertible senior notes due 2015 to repay $68 million of outstanding debt under its previous credit facility.

The company noted that its leverage ratio at the end of September was 2.9 times trailing 12 months EBITDA.

Remaining proceeds also went to purchase all of the outstanding shares of LifeCell Corp. and to pay related fees and expenses associated with the transaction.

It was previously reported that following the acquisition, LifeCell will operate as a new global biosurgery division within Kinetic Concepts led by current LifeCell president Paul Thomas, who will also join Kinetic Concepts' executive committee.

Kinetic Concepts is a San Antonio medical technology company specializing in advanced wound care and therapeutic support systems.

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