Orthofix International Makes Additional Partial Debt Repayment Ahead of Maturity
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BOSTON--(Business Wire)--
Orthofix International N.V. (NASDAQ: OFIX) (the Company) announced today it made
a $5 million debt prepayment in advance of the scheduled maturity, permanently
reducing its current credit facility by that amount.
Orthofix Executive Vice President and Chief Financial Officer Bob Vaters stated,
"Consistent with our focus on deleveraging the balance sheet this was the third
debt repayment we have made ahead of scheduled maturities within the last four
months. It demonstrates not only our desire to continue reducing our outstanding
debt, but our improved cash generation over the last few months. With the
expected continuation of cash flow improvements we will look for additional
opportunities to pay down debt early, increasing the Company`s flexibility to
execute its operating plan."
About Orthofix
Orthofix International, N.V., a global medical device company, offers a broad
line of minimally invasive surgical, and non-surgical, products for the spine,
orthopedic, and sports medicine market sectors that address the lifelong
bone-and-joint health needs of patients of all ages-helping them achieve a more
active and mobile lifestyle. Orthofix`s products are widely distributed around
the world to orthopedic surgeons and patients via Orthofix`s sales
representatives and its subsidiaries, including BREG, Inc. and Blackstone
Medical, Inc., and via partnerships with other leading orthopedic product
companies. In addition, Orthofix is collaborating in R&D partnerships with
leading medical institutions such as the Orthopedic Research and Education
Foundation, Rutgers University, Texas Scottish Rite Hospital for Children and
National Osteoporosis Institute. For more information about Orthofix, please
visit www.orthofix.com.
Forward-Looking Statements
This communication contains certain forward-looking statements under the Private
Securities Litigation Reform Act of 1995. These forward-looking statements,
which may include, but are not limited to, statements concerning the
projections, financial condition, results of operations and businesses of
Orthofix and its subsidiaries and are based on management`s current expectations
and estimates and involve risks and uncertainties that could cause actual
results or outcomes to differ materially from those contemplated by the
forward-looking statements.
Factors that could cause or contribute to such differences may include, but are
not limited to, risks relating to the expected sales of its products, including
recently launched products, unanticipated expenditures, changing relationships
with customers, suppliers and strategic partners, risks relating to the
protection of intellectual property, changes to the reimbursement policies of
third parties, changes to and interpretation of governmental regulation of
medical devices, the impact of competitive products, changes to the competitive
environment, the acceptance of new products in the market, conditions of the
orthopedic industry and the economy, corporate development and market
development activities, including acquisitions or divestitures, unexpected costs
or operating unit performance related to recent acquisitions and other factors
described in our annual report on Form 10-K and other periodic reports filed by
the Company with the Securities and Exchange Commission.
Important Additional Information
Orthofix International N.V. ("Orthofix") has filed a definitive proxy statement,
dated February 26, 2009, with the SEC in connection with a special general
meeting of shareholders of Orthofix to be held on April 2, 2009 at which Ramius
Capital and certain of its affiliates propose to make changes to the composition
of Orthofix's board of directors. SHAREHOLDERS ARE URGED TO READ ORTHOFIX'S
DEFINITIVE PROXY MATERIALS AND ANY OTHER RELEVANT SOLICITATION MATERIALS FILED
BY ORTHOFIX WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors
and shareholders may obtain a free copy of the proxy statement and other
materials filed by Orthofix with the SEC at the SEC's website at www.sec.gov, at
Orthofix's website at www.orthofix.com, or by contacting Georgeson, 199 Water
Street, 26th Floor, New York, NY 10038 or by calling (212) 440-9800 (bankers and
brokers) or toll-free (800) 323-4133 (all others).
Orthofix and its directors and certain executive officers are participants in
the solicitation of proxies in connection with the special general meeting of
shareholders. The names of such persons are: James F. Gero, Peter J. Hewett,
Jerry C. Benjamin, Charles W. Federico, Dr. Guy J. Jordan, Ph.D., Thomas J.
Kester, CPA, Alan W. Milinazzo, Maria Sainz, Dr. Walter P. von Wartburg, Kenneth
R. Weisshaar, Robert S. Vaters, Michael Simpson, Bradley R. Mason, Raymond C.
Kolls, J.D., and Michael M. Finegan. Information regarding such participants, as
well as each such person's respective interests in Orthofix (whether through
ownership of Orthofix securities or otherwise), is set forth in Orthofix's
definitive proxy statement dated February 26, 2009, which may be obtained free
of charge at the SEC's website at www.sec.gov, Orthofix's website at
www.orthofix.com, or by contacting Georgeson, 199 Water Street, 26th Floor, New
York, NY 10038 or by calling (212) 440-9800 (bankers and brokers) or toll-free
(800) 323-4133 (all others).
Orthofix International
Dan Yarbrough, 617-912-2903
Vice President of Investor Relations
danyarbrough@orthofix.com
Copyright Business Wire 2009
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