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ZimVie will use divestment for $375 million to pay down debt
Chicago, Dec. 18 – ZimVie Inc. said that it will use the proceeds from the divestment of its spine business to H.I.G. Capital for $375 million to repay debt, according to a press release.
ZimVie will receive $315 million in cash and $60 million in the form of a promissory note that will have a 10% interest rate, payable in kind.
ZimVie, as of the company’s most recent 10-Q filing, had $518.9 million outstanding on a term loan from Dec. 17, 2021 and no borrowings under a $175 million revolver from the same credit facility.
The acquisition transaction is expected to close in the first half of 2024.
Centerview Partners is serving as exclusive financial adviser and Cravath, Swaine & Moore LLP is serving as legal adviser to ZimVie. McDermott Will & Emery LLP is serving as legal adviser to H.I.G. Capital.
ZimVie is based in Westminster, Colo. It is the result of a spin-off of the dental and spine businesses from Zimmer Biomet Holdings, Inc. in March 2022.
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