Brief: Bioventus Amends Cartiheal Acquisition Structure

Bioventus

21/06/2022 14:31

June 21 (Reuters) - Bioventus Inc  BVS.O :
    * BIOVENTUS AMENDS CARTIHEAL ACQUISITION STRUCTURE
    * BIOVENTUS INC - ENTERED INTO AN AMENDMENT TO OPTION AND
EQUITY
PURCHASE AGREEMENT FOR ITS PENDING ACQUISITION OF CARTIHEAL
    * BIOVENTUS INC - AMENDED ACQUISITION AGREEMENT REDUCES
CLOSING
PAYMENT TO $50 MILLION FROM ORIGINAL $315 MILLION THAT WAS
PREVIOUSLY AGREED
    * BIOVENTUS INC - REMAINING $215 MILLION OF PURCHASE PRICE
WILL
INSTEAD BE PAID TO CARTIHEAL STOCKHOLDERS UPON EARLIER OF
ACHIEVEMENT OF CERTAIN MILESTONES
    * BIOVENTUS INC - DEFERRED AMOUNT WILL BE PAID IN FIVE
TRANCHES
COMMENCING IN 2023 AND ENDING NO LATER THAN 2027
    * BIOVENTUS INC - INTENDS TO FINANCE PAYMENT DUE AT CLOSING
WITH
ADDITIONAL DEBT
    * BIOVENTUS INC - FINALIZING AMENDMENT TO EXISTING CREDIT
AND
GUARANTY AGREEMENT TO INCREASE ITS CURRENT TERM LOAN TO
FACILITATE CLOSING OF ACQUISITION
    * BIOVENTUS INC - PAYMENTS OF DEFERRED AMOUNT ARE
ANTICIPATED TO
BE MADE THROUGH COMPANY'S FREE CASH FLOW AND EXPANSION OF ITS
EXISTING CREDIT FACILITY

Source text for Eikon:  ID:nGNX89lgYj 
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