Orthofix International gets $300 million senior secured facility

By Sara Rosenberg

New York, Aug. 31 - Orthofix International NV closed on a new $300 million five-year senior secured credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

JPMorgan acted as the bookrunner and joint lead arranger on the deal that was completed on Aug. 30. RBS Citizens was the other joint lead arranger.

The facility consists of a $200 million revolver and a $100 million term loan, with both tranches priced at Libor plus 300 basis points. Pricing on the tranches can range from Libor plus 250 bps to 325 bps based on leverage.

There is a $50 million accordion feature.

Proceeds are being used to refinance an existing credit facility and for capital expenditures and other general corporate purposes.

Orthofix is a Curacao, Netherlands Antilles-based medical device company.

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