Symmetry/Tecomet plan new debt led by Credit Suisse for merger

By Sara Rosenberg

New York, Aug. 5 – Symmetry Medical Inc./Tecomet has received a commitment for debt financing to help fund the merger of Symmetry Medical’s OEM Solutions business with Tecomet, according to an 8-K filed late Monday with the Securities and Exchange Commission.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Other funds for the transaction will come from equity from Genstar Capital Partners, Tecomet’s current sponsor.

Under the agreement, Tecomet will acquire the OEM Solutions business for $450 million in cash, or $7.50 per share after fees and elimination of outstanding debt.

Concurrently, Symmetry Medical plans to spin off its surgical business to its shareholders. Symmetry Surgical will become a newly traded public company, with Symmetry Medical shareholders of record receiving one share in the public company for every four shares of Symmetry Medical stock.

Closing is expected by the end of the year, subject to receipt of regulatory approvals, registration and listing of Symmetry Surgical’s common stock and shareholder approval.

Symmetry Medical is a Warsaw, Ind.-based provider of medical device solutions, including surgical instruments, orthopedic implants, and sterilization cases and trays. Tecomet is a Wilmington, Mass.-based contract manufacturing, engineering and metal fabrication technology company.

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