Contract
|
Contact:
Xxxx
X. Xxxx
Senior
Vice President
Chief
Financial Officer
(000)
000-0000
|
Investors:
The
Xxxx Group
Xxxx
Xxxxxxx/Xxxx Xxxxx
(000)
000-0000/7020
xxxxxxxx@xxxxxxxxxxxx.xxx
xxxxxx@xxxxxxxxxxxx.xxx
Media:
The
Xxxx Group
Xxxxx
Xxxxx
(000)
000-0000
xxxxxx@xxxxxxxxxxxx.xxx
|
Symmetry
Medical Closes $200 Million Credit Facility
Agreement
Includes a $100 Million Accordion Feature
Warsaw, Indiana, November 3,
2010 – Symmetry Medical Inc. (NYSE: SMA), a leading independent provider of
products to the global orthopedic device industry and other medical markets,
announced today that it has entered into a $200 million senior secured revolving
credit facility, effective November 3, 2010. The credit facility
includes an “accordion feature” that permits expansion of the borrowing capacity
up to $300 million. The credit facility has a term of five years.
Initial
borrowings of approximately $89 million under the credit facility were used to
retire existing debt, including the existing term loans and revolving credit
facility, due in June 2011. The balance of the facility is available
for general corporate and working capital requirements, international expansion
and permitted acquisitions.
The new
credit facility is priced at LIBOR plus an applicable percentage, ranging from
175 basis points to 275 basis points, based on the Company’s leverage
ratio.
X.X.
Xxxxxx Securities LLC and Xxxxx Fargo Bank Securities, LLC acted as Joint Lead
Arrangers and Joint Bookrunners for the credit facility and Periculum Capital
Company, LLC served as placement agent. JPMorgan Chase Bank, N.A. was
Administrative Agent and Xxxxx Fargo Bank, National Association was Syndication
Agent. Bank of America, N.A., Fifth Third Bank and PNC Bank, National
Association served as Co-Documentation Agents. Other participating
lenders include The Northern Trust Company and U.S. Bank National
Association.
Xxxxx
Xxxxx, President and Chief Executive Officer of Symmetry Medical, stated, “We
are very pleased with the outstanding support received from our new banking
group as they see us as a good investment. The rates and terms
of this agreement are much better than what we expected earlier this year and we
are looking forward to utilizing this expanded capacity to drive both organic
growth as well as reviewing strategic acquisitions to drive increased
shareholder value.”
Xx. Xxxxx
went on to say, “I would also like to thank Xxxx Xxxx, Chief Financial Officer
of Symmetry Medical, and Xxxxx Xxxxx, General Counsel & Senior Vice
President of Human Resources for their outstanding leadership in completing this
very significant agreement for our Company.”
About
Symmetry Medical Inc.
Symmetry
Medical Inc. is a leading independent provider of implants and related
instruments and cases to the orthopaedic device industry. The Company also
designs, develops and produces these products for companies in other segments of
the medical device market, including arthroscopy, dental, laparoscopy,
osteobiologic and endoscopy sectors and provides limited specialized products
and services to non-healthcare markets, such as the aerospace
market.
Forward-Looking
Statements
Statements
in the press release regarding Symmetry Medical Inc.'s business, which are not
historical facts, may be "forward-looking statements" that involve risks and
uncertainties, within the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are predictive in
nature and are frequently identified by the use of terms such as "may," "will,"
"should," "expect," "believe," "estimate," "intend," and similar words
indicating possible future expectations, events or actions. Such predictive
statements are not guarantees of future performance, and actual results could
differ materially from our current expectations. Certain factors that could
cause actual results to differ include: the loss of one or more customers; the
development of new products or product innovations by our competitors; product
liability; changes in management; changes in conditions effecting the economy,
orthopedic device manufacturers or the medical device industry generally; and
changes in government regulation of medical devices and third-party
reimbursement practices. We refer you to the "Risk Factors" and "Forward Looking
Statements" sections in the Company's most recent Annual Report on Form 10-K
filed with the Securities and Exchange Commission as well as the Company's other
filings with the SEC, which are available on the SEC's Web site at
xxx.xxx.xxx.
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