A Medical Device Daily
Hologic (Bedford, Massachusetts), a provider of diagnostic imaging and digital imaging systems targeting women's health, reported entering into a credit agreement for a $75 million senior unsecured revolving credit facility, due Jan. 23, 2007.
“The initial use of this credit facility will be to fund a portion of the cash purchase price for Suros Surgical Systems [Indianapolis],” said Glenn Muir, executive vice president/CFO. “Longer term, the contemplated expanded facility should give us financial flexibility to continue to grow our business.”
Hologic first disclosed its plan to buy Suros in April (Medical Device Daily, April 19, 2006).
Bank of America is administrative agent and JP Morgan Chase Bank is syndication agent. The engagement for the facility contemplates a syndication to increase the amount to $150 million and the term to five years.
Hologic's core business units are focused on osteoporosis assessment, mammography and breast biopsy, direct-to-digital X-ray for general radiography applications and mini-C-arm imaging for orthopedics.
Conor Medsystems (Menlo Park, California) reported filing a shelf registration statement with the Securities and Exchange Commission to sell 3 million shares of new common stock. A selling stockholder also intends to grant underwriters a 30-day option to purchase up to 450,000 additional shares to cover over-allotments. The money to be raised was not specified.
Conor develops vascular drug delivery technologies and has focused on the development of drug eluting stents to treat coronary artery disease.
Citigroup Global Markets and Morgan Stanley & Co. are joint book-running managers, and, together with Lehman Brothers, Cowen and Company and CIBC World Markets, are representatives of the underwriters.
In other financing activity:
• NJTC Venture Fund (Roseland, New Jersey), an early-stage venture capital fund, reported making an investment in Innovation Engineering (Mount Laurel, New Jersey), a provider of power systems and radio frequency-based technologies for the medical equipment, semiconducter, industrial laser and telecommunication markets.
Jim Gunton, general partner of NJTC Venture Fund, said, “Innovation Engineering's Electronic Variable Capacitors have the potential to improve the performance and reduce size of higher power products.”
NJTC Venture Fund is an $80 million, early-stage fund investing in companies in the New Jersey region. The fund will invest $250,000 to $5 million per company.
Innovation Engineering is a start-up company developing power delivery systems for medical and industrial markets.
• Hanger Orthopedic (Bethesda, Maryland) reported launching an exchange offer of new, registered 10-1/4% senior notes, due 2014, in exchange for the company's outstanding, unregistered 10-1/4% senior notes, due 2014. The exchange offer, which is being made to the holders of the $175 million principal amount of outstanding unregistered notes, expired at 5 p.m. EST on Aug. 21.
The unregistered 10-1/4% notes were sold by Hanger on May 26 to a limited number of qualified institutional buyers, the company said.
Hanger is a provider of orthotic and prosthetic patient care and products, owning and operating 621 centers in 46 states, including the District of Columbia.