Kinetic sells notes to pay for LifeCell:
This article was originally published in Clinica
Advanced woundcare company Kinetic Concepts said it plans to raise $600m through a sale of convertible senior notes to help fund its acquisition of biosurgery firm LifeCell. The two companies agreed to a $1.7bn all-cash deal earlier this month (see Clinica No 1301, p 2). San Antonio, Texas-based Kinetic also plans to use the proceeds from the note sale to pay off debt, for ongoing working capital and for other general corporate purposes of the combined company. The convertible notes are due to mature in 2015.