Teleflex Inc. said Tuesday it sold $400 million in senior notes, and used the proceeds to prepay debt and fund convertible bond hedge bond transactions.
Teleflex's new senior notes are due in 2017. The total includes $50 million in notes purchased by the underwriters of its offering. The company said it used $200 million from the proceeds to prepay term loan borrowings under its senior credit facilities. Another $28.6 million was used to fund its bond hedge transactions with Bank of America and JPMorgan Securities.
JPMorgan and Bank of America also agreed to buy warrants that can be exchanged for Teleflex shares.
Teleflex provides engineered products and services for the medical, aerospace and commercial markets. Its shares lost $1.17, or 2.2 percent, to $52.42 in midday trading.