CONMED Corp. recently returned to the market to decrease the pricing on its $260 million term loan by 50 basis points. Robert Shallish Jr., v.p. finance and cfo, declined to comment on why the company pursued the repricing, saying only that it was "just an opportunity."
When CONMED originally completed its loan in August 2002, the company had a five-year, $100 million revolver and a five-year, $100 million "B" term loan. The tranches were priced at LIBOR plus 21/2% and LIBOR plus 23/4%, respectively. Last June, the company increased the size of its term loan to $260 million, using the funds to repurchase $130 million of CONMED's 9% senior subordinated notes.
J.P. Morgan is the lead bank on the deal and was also the lead on the company's previous credit. That credit was used to finance the company's acquisition of Minnesota Mining and Manufacturing's powered surgical instrument business in 1999 (LMW, 9/9/02).