Accellent Inc. Announces Refinancing Plan
January 19, 2010 05:33 AM Eastern Time
WILMINGTON, Mass.--(EON: Enhanced Online News)--Accellent Inc. (“Accellent” or “the Company”) announced today that it
plan to refinance (the "Refinancing") its existing senior secured credit facilities and replace them with indebtedness that has longer-da
plan, which has been unanimously approved by the Company's Board of Directors, would strengthen the Company’s capital structu
nearer term maturities such that the Company has no maturities until November 2013.
Pursuant to the plan, the Company would enter into a new asset-based revolving credit facility with undrawn commitments thereund
million maturing in 2015 (the "ABL Revolver"), which will become effective upon completion of the Refinancing and would issue ap
million in aggregate principal amount of senior secured notes due 2017 (the "Notes"). Proceeds from the Notes will be used to re-p
existing senior secured credit facility.
"This transaction accomplishes a key objective in recapitalizing Accellent for the long term," said Kenneth W. Freeman, Executive C
acting Chief Executive Officer of Accellent.
Upon completion of the transactions, the ABL Revolver would be secured by first-priority liens on all accounts receivable, inventor
general intangibles and instruments and proceeds of the foregoing (the "ABL Collateral") and by second-priority liens on all the othe
Company and the guarantors of the ABL Revolver. The Notes would be secured by first-priority liens on all the assets other than th
owned by the Company and the guarantors of the Notes and by second-priority liens on the ABL Collateral
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. The Not
pursuant to an applicable exemption from registration under the Securities Act of 1933, as amended. Entry into the ABL Revolver a
offering of the Notes will be conditioned on each transaction being consummated. Thus, there can be no as