Endologix to repurchase $53.1 million 2.25% convertibles due 2018

By Wendy Van Sickle

Columbus, Ohio, April 4 – Endologix, Inc. plans to repurchase $53.1 million of its outstanding 2.25% convertible senior notes due 2018 in privately negotiated transactions that are expected to close on April 10, according to a press release.

The company said it plans to fund the repurchase, including payment of accrued interest, with $52.5 million of the proceeds of a new $120 million six-year secured term loan from Deerfield Management.

Endologix said it also plans to enter into an unwind agreement with Bank of America, NA in order to unwind a portion of the capped call transactions in respect of the notes to be repurchased.

Endologix intends to use the remainder of the term loan proceeds for working capital and general corporate purposes.

Irvine, Calif.-based Endologix develops and manufactures minimally invasive treatments for aortic disorders.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.