Symmetry Medical to get $50 million add-on term A, loan amendment

By Sara Rosenberg

New York, Dec. 12 - Symmetry Medical Inc. plans on getting a $50 million incremental term loan A and amending its senior secured credit facility in connection with the acquisition of Codman & Shurtleff Inc.'s surgical instruments business, according to a company presentation.

Symmetry is buying the surgical instruments product portfolio for $165 million, and the combined hospital direct general surgical instruments business will be renamed Symmetry Surgical and be based in Nashville.

Other funds for the transaction will come from $55.5 million in borrowings under the amended credit facility, $65 million of senior subordinated notes and $2 million from cash on the balance sheet.

The transaction is expected to close by the end of 2011, subject to customary closing conditions and any necessary governmental approvals.

Pro forma for the acquisition, leverage will be around 4.0 times. As part of the amendment, the company is increasing its leverage covenant to 4.75 times.

Symmetry Medical is a Warsaw, Ind.-based provider of medical devices, including orthopedic implants, surgical instruments, and sterilization cases and trays.

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