Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

RTI Biologics To Buy Pioneer Surgical Technology - Quick Facts

RTI Biologics Inc. (RTIX: Quote), a provider of orthopedic and other biologic implants, plans to acquire privately held Pioneer Surgical Technology, headquartered in Marquette, Mich. The Pioneer acquisition supports RTI's strategic initiatives to expand its current implant portfolio into metals and synthetics and to grow direct distribution.

Pursuant to the merger agreement, RTI would pay $130 million cash to acquire Pioneer's outstanding stock. RTI said it has received a commitment from TD Bank, N.A., TD Securities "USA" LLC and Regions Bank for a 5-year, $80 million senior secured facility, including a $60 million term loan and a $20 million revolving credit facility. Further, RTI has agreed to a $50 million private placement of convertible preferred equity with Water Street, a healthcare-focused private equity firm.

RTI's president and chief executive stated, "This acquisition will bring immediate scale, allowing us to reach our strategic goals and take advantage of growth opportunities more quickly than either company could do independently."

The transaction, which may close in the third quarter of 2013, would be funded via. a combination of cash on hand, a new credit facility and a concurrent private placement of convertible preferred equity from Water Street Healthcare Partners.

Register
To receive FREE breaking news email alerts for RTI Surgical Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Defense forces of the United States and Arab partner nations have begun airstrikes inside Syria targeting terrorists from the Islamic State of Iraq and the Levant, the Pentagon announced on Tuesday. The nations fighting alongside the US include the United Arab Emirates, Bahrain, Jordan, Qatar and Saudi Arabia, which has a Sunni majority. Overnight, a mix of fighters, bombers, remotely piloted ai Yeast bloodstream infections, which are caused by Candida species, are a type of fungal infection, and if untreated, can result in serious medical complications. People who have a weak immune system, or are hospitalized in intensive care units, or have kidney disease needing dialysis, or have had abdominal surgery are said to be at risk of developing yeast bloodstream infections. After moving mostly higher over the course of the previous week, stocks showed a notable move back to the downside during trading on Monday. With the drop on the day, the Dow pulled back well off last Friday's record closing high.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.