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Financings In Brief

This article was originally published in The Gray Sheet

Executive Summary

Zimmer: Orthopedics firm would repay $1.75 bil. in borrowings for its potential $3.2 bil. Centerpulse acquisition within three years, Zimmer says (1"The Gray Sheet" May 26, 2003, p. 3). The credit facility consists of a $400 mil. 364-day revolver, an $800 mil. three-year revolver and a $550 mil. five-year bank term loan, holding an average interest rate of 4%, excluding capital costs. Zimmer notes it received regulatory anti-trust approval for the merger July 23 from the U.S. and European Commission, putting the firm on par with rival bidder Smith & Nephew, which received clearance in May. Centerpulse shareholders will choose between tender offers from Zimmer and S&N Aug. 27, and expect to close a deal in September. Zimmer reported July 24 a 35% increase in earnings for Q2 to $89 mil. on sales of $411 mil., up 19%...

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Financings In Brief

Rubicon Medical: Boston Scientific buys $15 mil. of Rubicon Medical Series A Preferred Stock convertible into 10.9 mil. shares, bringing the firm's stake up to 18%. Boston Scientific says it will tender an offer for all outstanding shares of Rubicon if it acts on an option to buy the stock of the company's two largest shareholders, CEO Richard Linder and Chairman David Berger, who combined own just under 50%. The option will close 90 days after U.S. regulatory approval of the Rubicon Filter embolic protection system, which has yet to commence U.S. clinicals. European pivotal trials for heart and carotid artery indications are expected to complete in early 2004. Rubicon may wait until after CE mark approval to pursue U.S. indications, which likely will begin with saphenous vein grafts (1"The Gray Sheet" July 28, 2003, p. 6)...

Financings In Brief

Rubicon Medical: Boston Scientific buys $15 mil. of Rubicon Medical Series A Preferred Stock convertible into 10.9 mil. shares, bringing the firm's stake up to 18%. Boston Scientific says it will tender an offer for all outstanding shares of Rubicon if it acts on an option to buy the stock of the company's two largest shareholders, CEO Richard Linder and Chairman David Berger, who combined own just under 50%. The option will close 90 days after U.S. regulatory approval of the Rubicon Filter embolic protection system, which has yet to commence U.S. clinicals. European pivotal trials for heart and carotid artery indications are expected to complete in early 2004. Rubicon may wait until after CE mark approval to pursue U.S. indications, which likely will begin with saphenous vein grafts (1"The Gray Sheet" July 28, 2003, p. 6)...

Transcathether Cardiovascular Therapeutics Meeting In Brief

Carotid stenting: MedNova EmboShield wire-filter distal protection system used with Xact self-expanding carotid stents is associated with a 7.2% 30-day major adverse event rate, according to preliminary results from the SECuRITY registry. Presented at the recent Transcatheter Cardiovascular Therapeutics meeting in Washington, D.C. by investigator Patrick Whitlow, MD, Cleveland Clinic, the data included evaluation of the devices in 305 patients with high surgical risks. The trial is being supported by Abbott Vascular, which has exclusive distribution rights (1"The Gray Sheet" Feb. 5, 2001, p. 23)...

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