SAN ANTONIO--(BUSINESS WIRE)--Acelity L.P. Inc. (“Acelity”), a global advanced wound care company, today announced that, on February 3, 2017, its wholly-owned operating subsidiaries, Kinetic Concepts, Inc. and KCI USA, Inc. (collectively, the “Borrowers” or the “Issuers”) repaid in full their existing credit facilities and redeemed all outstanding principal amounts of their 9.625% Second Lien Senior Secured Notes due 2021 and their 12.5% Senior Notes due 2019.
Additionally, the Borrowers, together with certain of Acelity’s other subsidiaries, entered into a new credit agreement which provides for a $1,085 million dollar term facility, €239 million euro term facility and a $300 million revolving facility. The term loan facilities will mature on February 3, 2024, and the revolving facility will mature on February 3, 2022.
“The completion of the sale of LifeCell and subsequent repayment of debt bolsters our balance sheet and significantly reduces our interest expense,” said Joe Woody, Acelity President and Chief Executive Officer. “This further positions us to focus on our leading advanced wound therapeutics business and the many opportunities we have to drive growth.”
Acelity L.P. Inc. and its subsidiaries are a global advanced wound care company that leverages the strengths of Kinetic Concepts, Inc. and Systagenix Wound Management, Limited. Available in more than 80 countries, the innovative and complementary ACELITY™ product portfolio delivers value through solutions that speed healing and lead the industry in quality, safety and customer experience. Headquartered in San Antonio, Texas, Acelity employs nearly 5,000 people around the world.
Certain statements included in this press release may be considered “forward-looking statements”, which are based on information available to Acelity on the date of this release. Words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” the negative versions of these words and or similar terms and phrases are used to identify these forward looking statements. Forward-looking statements are based on management’s current expectations and are subject to various risks and uncertainties. Acelity cannot assure you that future developments affecting Acelity will be those that have been anticipated. Actual results may differ materially from these expectations due to changes in global, regional or local economic, business, competitive, market regulatory and other factors, many of which are beyond Acelity’s control, as well as other risks described from time to time under “Risk Factors” in Acelity’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q (available at www.sec.gov). Any forward-looking statement speaks only as of the date of this press release. Factors or events that could cause Acelity’s actual results to differ may emerge from time to time, and it is not possible to predict all of them. Acelity may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the forward-looking statements. Acelity’s forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments or other strategic transactions Acelity may make. Acelity undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.