Symmetry Medical to repay part of bank debt with IPO proceeds

New York, June 1 - Symmetry Medical Inc. said it plans to repay its existing bank debt with proceeds from a planned initial public offering of common stock.

As part of the transaction, the Warsaw, Ind. provider of implants and related instruments to orthopedic device manufacturers will also obtain a new credit facility made up of a $35 million term loan and a $40 million revolver.

Symmetry currently has $94.7 million of term loans outstanding and $4.5 million or revolver borrowings as of April 3, according to an S-1 filing with the Securities and Exchange Commission.

The IPO registration is for up to $172.5 million of common stock via bookrunners Banc of America Securities and Credit Suisse First Boston.

Symmetry will also use $36.4 million of the proceeds to repay all its existing subordinated debt. Proceeds will also be used to buy back part of its outstanding preferred stock.

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