Wright Medical Group, Inc. (NASDAQ: WMGI), a global orthopaedic medical device company, today announced that the underwriters of its public offering of Convertible Senior Notes due 2014 have exercised in full their over-allotment option to purchase an additional $25 million aggregate principal amount of the notes. This will bring the total amount of the notes issued to $200 million.
The notes pay interest semiannually at a rate of 2.625% per annum. The notes are convertible into shares of Wright's common stock at an initial conversion rate of 30.6279 shares per $1,000 principal amount of the notes, which represents an initial conversion price of approximately $32.65 per share.
Wright intends to use the net proceeds from the offering for general corporate purposes, including for acquisitions from time to time. The closing of the sale of the over-allotment of the notes is expected to occur on December 13, 2007 and is subject to the satisfaction of customary closing conditions.
The over-allotment of the notes will be issued pursuant to an effective registration statement filed with the Securities and Exchange Commission. J.P. Morgan Securities Inc. is acting as sole book-running manager of the offering. Piper Jaffray & Co. and Wachovia Capital Markets, LLC are acting as co-managers of the offering. Copies of the prospectus can be obtained from J.P. Morgan Securities Inc. at 4 Chase Metrotech Center, CS Level, Brooklyn, New York 11245, Tel.: (866) 430-0686.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Wright Medical Group, Inc. is a global orthopaedic medical device company specializing in the design, manufacture and marketing of reconstructive joint devices and biologics. The Company has been in business for more than 50 years and markets its products in over 60 countries worldwide. For more information about Wright Medical, visit our website at www.wmt.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements made in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements reflect management's current knowledge, assumptions, beliefs, estimates, and expectations and express management's current views of future performance, results, and trends and may be identified by their use of terms such as "anticipate,""believe," "could,""estimate," "expect,""intend," "may,""plan," "predict,""project," "will," and other similar terms. The Company wishes to caution readers that actual results might differ materially from those described in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including the factors discussed in the Company's filings with the Securities and Exchange Commission (including the Company's annual report on Form 10-K for the year ended December 31, 2006, under the heading, "Risk Factors" and its quarterly reports), which could cause the Company's actual results to materially differ from those described in the forward-looking statements. Although the Company believes that the forward-looking statements are accurate, there can be no assurance that any forward-looking statement will prove to be accurate. A forward-looking statement should not be regarded as a representation by the Company that the results described therein will be achieved. The Company wishes to caution readers not to place undue reliance on any forward-looking statement. The forward-looking statements are made as of the date of this press release. The Company assumes no obligation to update any forward-looking statement after this date.
