Teleflex completes refinancing transactions
August 17, 2010
Filed under News
Teleflex Inc., parent company of Teleflex Marine, supplier of marine equipment for sports and leisure boats, has prepaid all of its outstanding senior notes issued in 2007, which had an aggregate outstanding principal of $196.6 million and would have matured in 2012 and 2014, according to a company press release.
The prepayment of the 2007 notes was completed as part of Teleflex’s debt refinancing. Under the same program, the company also repaid $200 million in term loan borrowings under its senior credit facility and extended the maturities of a portion of its outstanding and available borrowings under the credit facility from 2012 to 2014.
The 2007 notes and term loan were repaid with proceeds from the sale of Teleflex’s 3.875 percent convertible senior subordinated notes due in 2017 and available cash.
“Our new structure keeps our cost of capital unchanged, while providing us with increased financial flexibility and access to more capital to support the company’s future growth initiatives,” Jeffrey Black, chairman and CEO, stated in the release. “Although this transaction is expected to be slightly dilutive, we remain confident in maintaining our previously provided 2010 financial outlook excluding special items.”