Integra LifeSciences Establishes New $200 Million Credit Facility
PLAINSBORO, N.J., Dec. 22, 2005 (PRIMEZONE) -- Integra LifeSciences Holdings Corporation (NASDAQ:IART) today announced that it has established a $200 million, five-year, senior secured revolving credit facility. The credit facility was arranged and managed by Banc of America Securities LLC. Bank of America, N.A. will serve as administrative agent. A syndicate of lenders and financial institutions is participating in the facility alongside Bank of America.
"We are pleased to have established a revolving line of credit under favorable terms," said Stuart M. Essig, Integra's President and Chief Executive Officer. "This new line of credit provides us with increased financial flexibility and access to capital to support the Company's continued growth."
The credit facility currently allows for revolving credit borrowings in a principal amount of up to $200 million, which can be increased to $250 million should additional financing be required in the future.
Integra LifeSciences plans to utilize the credit facility for working capital, capital expenditures, share repurchases, acquisitions and other general corporate purposes.
Integra LifeSciences Holdings Corporation is a diversified medical technology company that develops, manufactures, and markets medical devices for use in a variety of applications. The primary applications for our products are neurosurgery, reconstructive surgery and general surgery. Integra is a leader in applying the principles of biotechnology to medical devices that improve patients' quality of life. Our corporate headquarters are in Plainsboro, New Jersey, and we have research, manufacturing and distribution facilities located throughout the world. We have approximately 1,300 employees. Please visit our website at (http://www.Integra-LS.com).
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements concerning the use of proceeds of the credit facility. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from predicted or expected results. The economic, competitive, governmental, technological and other factors identified under the heading "Factors That May Affect Our Future Performance" included in the Business section of Integra's Annual Report on Form 10-K for the year ended December 31, 2004 and information contained in subsequent filings with the Securities and Exchange Commission could affect actual results.
CONTACT: Integra LifeSciences Holdings Corporation
David B. Holtz, Senior Vice President, Finance
(609) 936-2334
dholtz@Integra-LS.com
John B. Henneman, III
Executive Vice President
Chief Administrative Officer
(609) 936-2481
jhenneman@Integra-LS.com