Biomet in $1.625 Billion of Notes Offerings and Concurrent Tender Offers
October 2, 2012
Cleary Gottlieb represented Biomet in concurrent offerings of $825.0 million aggregate principal amount of 6.500% senior notes due 2020 and $800.0 million aggregate principal amount of 6.500% senior subordinated notes due 2020. The issuance of the Senior Notes represented a reopening of the Senior Notes initially issued on August 8.
Cleary Gottlieb also represented Biomet, Inc. in its concurrent tender offers for any and all of its 10% Senior Notes due 2017 and up to $800.0 million aggregate principal amount of its 11⅝% Senior Subordinated Notes due 2017. Pursuant to the tender offers, Biomet purchased $343.4 million aggregate principal amount of its 10% Senior Notes due 2017, or approximately 45.12% of the outstanding 10% Senior Notes due 2017, and $384.17 million aggregate principal amount of its 11⅝% Senior Subordinated Notes due 2017, or approximately 43.91% of the outstanding 11⅝% Senior Subordinated Notes due 2017. The tender offers launched on September 18, had an early tender date of October 1 and expired on October 16. The settlement of the tender offers occurred on October 2, following the early tender dates. The offerings of the Senior Notes and the Senior Subordinated Notes priced and closed on September 18 and October 2, 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.