Bioventus withdraws $415 million notes offer, cites market conditions

By Paul A. Harris

Portland, Ore., May 3 – Bioventus Inc. cited market conditions as it withdrew the Bioventus LLC $415 million offering of five-year senior notes (Caa1/CCC+), according to a Tuesday press release.

“The company believes that current market conditions are not conducive for an offering on terms that would be in the best interests of its stakeholders ... and is exploring alternative financing options to finance the upfront consideration of its previously announced call option to acquire CartiHeal Ltd.,” Bioventus stated in a Tuesday press release.

The notes were talked a week ago to yield 9¾% to 10%, slightly wide to initial guidance in the mid-to-high 9% area.

It was to be the Durham, N.C.-based orthobiologics supplier’s debut high-yield bond offering.

Wells Fargo Securities LLC was the left bookrunner.

“We are encouraged by the momentum we’re seeing across our key short- and mid-term growth drivers, which position us for sustained double-digit growth,” Ken Reali, Bioventus’ chief executive officer, stated in the press release.

“While we are no longer exploring a senior notes offering to finance an acquisition of CartiHeal, we are looking into alternative financing options,” Reali said.

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