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RTI Biologics Inc Completes Acquisition Of Pioneer Surgical Technology; Announces Name Change

Tuesday, 16 Jul 2013 04:00pm EDT 

RTI Biologics Inc announced that it has completed the acquisition of Pioneer Surgical Technology (Pioneer). RTI previously announced plans to acquire all of the outstanding stock of Pioneer for $130 million in cash on June 12, 2013. The transaction was funded through a combination of cash on hand, a 5-year $80 million senior secured credit facility, which includes a $60 million term loan and a $20 million revolving credit facility, from TD Bank, N.A., TD Securities USA LLC, and Regions Bank, and a $50 million concurrent private placement of convertible preferred equity from Water Street Healthcare Partners (Water Street), a strategic private equity firm focused exclusively on the health care industry. Effective immediately, the new name of the Company is RTI Surgical Inc. The Company's worldwide headquarters will remain in Alachua, Fla. and the stock will continue to trade on the Nasdaq Global Market under the symbol RTIX. 

Company Quote

0.09 +1.82%
4:00pm EDT