Financings in Brief: Steri-Oss
This article was originally published in The Gray Sheet
Executive Summary
Steri-Oss: Dental implant system manufacturer plans to go public via an initial offering of 4.7 mil. shares at $14-16 per share, according to an initial prospectus filed with the Securities and Exchange Commission. About 10.9 mil. shares would be outstanding after the offering. Anticipated net proceeds of about $64.9 mil. (assuming an IPO price of $15) are tabbed for debt repayment, redemption of Class A, B and C preferred stock, working capital and general corporate purposes. Much of the debt stemmed from the November 1996 leveraged buyout of the business from Bausch & Lomb. Steri-Oss' majority shareholder, The 1818 Fund II, L.P., will reduce its stake to 38% from 66.6% after the offering.