Biomet in $1 Billion Senior Notes Offering and Concurrent Tender Offer

August 8, 2012

Cleary Gottlieb represented Biomet in a recent offering of $1.0 billion aggregate principal amount of 6.500% senior unsecured notes due 2020 and a concurrent tender offer to repurchase any and all of its outstanding 10⅜% / 11⅛% Senior Toggle Notes due 2017. Pursuant to the cash tender offer, Biomet purchased approximately $544 million aggregate principal amount of its Senior Toggle Notes, or approximately 71% of the outstanding Senior Toggle Notes. The tender offer launched on July 25 had an early tender date of August 7 and expired on August 21. The settlement of the tender offer occurred on August 8, following the early tender date. The offering of the Senior Notes priced and closed on July 25 and August 8 respectively.

Biomet is one of the largest orthopedic medical device companies in the United States and worldwide with operations in more than 50 locations throughout the world and distribution in approximately 90 countries. Biomet and its subsidiaries design, manufacture, and market products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy.