JPMorgan is acting as sole lead arranger on a $250 million credit for CONMED. Syndication for the five-year, $100 million revolver and a seven-year, $150 million term loan "B" launched last Thursday. Pricing on both tranches is LIBOR plus 1 3/4%.
CONMED is using the credit to refinance debt including an August 2002 deal, which consists of a five-year, $100 million revolver and a five year, $100 million term loan "B." In June 2003, the company increased the size of the term loan to $260 million.
Located in Utica, N.Y., CONMED is a global medical technology company that develops products for use in electrosurgery and endosurgery. A spokesman at CONMED declined to comment, as did a spokesman at JPMorgan.