LIVN LivaNova Plc

LivaNova Announces New Senior Secured Credit Facility

LivaNova PLC (NASDAQ:LIVN) (“The Company” or “LivaNova”) today announced its entry into a five-year $450 million senior secured credit facility (the “Credit Facility”) through its wholly owned U.S. subsidiary, LivaNova USA, Inc. with funds managed by affiliates of Ares Management Corporation, as administrative agent and collateral agent. The Company expects to use the net proceeds from the Credit Facility, together with a portion of the expected net proceeds of a concurrent financing transaction that LivaNova separately announced today, after fees, discounts, commissions and other expenses, to repay all amounts outstanding under certain of LivaNova’s existing credit facilities substantially concurrently with the closing of the Credit Facility, and any related expenses. The remainder of the proceeds from the concurrent financing transaction are expected to be used to pay the cost of capped call transactions being entered into in connection with that transaction, and for general corporate purposes.

“We are excited to support LivaNova as this financing strengthens the company’s liquidity profile and capital structure and enables it to execute on its long-term growth plans,” said Douglas Dieter, Dr.P.H., Managing Director at Ares Management.

The obligations under the Credit Facility will be guaranteed on a senior secured basis by LivaNova and each of LivaNova’s existing and future wholly owned material subsidiaries, and will be secured by a perfected first priority security interest in substantially all tangible and intangible assets of LivaNova, and certain U.S. and UK subsidiaries of LivaNova, subject in each case to certain exceptions contained in the Credit Facility.

“We are pleased to bring in Ares, a world-class organization and a leading healthcare lender in the United States, as part of our capital structure,” said Damien McDonald, Chief Executive Officer of LivaNova. “This transaction allows LivaNova to remain fully focused on the execution of its strategic plan.”

Borrowings under the Credit Facility will bear interest at a variable annual rate equal to either, at the Company’s option, (i) the LIBOR rate (subject to a 1.0 percent floor), plus an applicable margin of 6.5 percent per annum, or (ii) a base rate determined as the highest of (a) the U.S. Prime Rate, as published by the Wall Street Journal from time to time, (b) ½ of 1.0 percent per annum above the Federal Funds Effective Rate, (c) the LIBOR rate for an interest period of three months plus 1.0 percent and (d) a floor of 2.0 percent. The Credit Facility will mature on June 30, 2025, if not prepaid earlier. Additional terms and conditions are described in the Company’s 8-K filing that is being filed substantially concurrently with this release.

Goldman Sachs & Co. LLC served as exclusive advisor to LivaNova in connection with the Credit Facility.

Safe Harbor Statement

This news release contains “forward-looking statements” concerning our goals, beliefs, expectations, strategies, objectives, plans and underlying assumptions and other statements that are not necessarily based on historical facts. These statements include, but are not limited to, statements regarding the Credit Facility, the potential concurrent financing transaction, and the use of any proceeds therefrom. Actual results may differ materially from those indicated in our forward-looking statements as a result of various factors, including those factors set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019, as supplemented by any risk factors contained in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

EN
11/06/2020

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on LivaNova Plc

 PRESS RELEASE

LivaNova Reports Fourth-Quarter and Full-Year 2024 Results; Issues 202...

LONDON--(BUSINESS WIRE)-- LivaNova PLC (Nasdaq: LIVN), a market-leading medical technology company, today reported fourth-quarter and full-year 2024 results and issued full-year 2025 guidance. Financial Summary and Highlights(1) Fourth-quarter revenue of $321.8 million increased 3.8% on a reported basis, 4.7% on a constant-currency basis, and 6.8% on an organic basis as compared to the prior-year period Fourth-quarter U.S. GAAP diluted earnings per share of $1.02 and adjusted diluted earnings per share of $0.81 Full-year 2024 revenue of $1.25 billion increased 8.7% on a reported bas...

 PRESS RELEASE

LivaNova to Present at the Barclays Global Healthcare Conference

LONDON--(BUSINESS WIRE)-- LivaNova PLC (Nasdaq: LIVN), a market-leading medical technology company, today announced Vladimir Makatsaria, Chief Executive Officer, will present in a fireside chat at the Barclays Global Healthcare Conference in Miami, Florida. The presentation will take place at 2:00 p.m. Eastern Time on Tuesday, March 11. The discussion will be available to all interested parties who register to attend the webcast, which is accessible via . Listeners should log on approximately 10 minutes in advance to ensure proper setup to receive the webcast. A replay will be available on th...

 PRESS RELEASE

LivaNova to Announce Fourth-Quarter and Full-Year 2024 Results

LONDON--(BUSINESS WIRE)-- LivaNova PLC (Nasdaq: LIVN), a market-leading medical technology company, will host a conference call to discuss its fourth-quarter and full-year 2024 results on Tuesday, February 25, 2025 at 1 p.m. London time (8 a.m. Eastern Time). The Company will release its fourth-quarter and full-year 2024 results prior to the call. The audiocast will be accessible at . Listeners should log on approximately 10 minutes in advance to ensure proper setup to receive the audiocast. To listen to the conference call by telephone, dial (if dialing from within the U.S.) or (if dial...

 PRESS RELEASE

LivaNova Appoints Natalia Kozmina as Chief Human Resources Officer

LONDON--(BUSINESS WIRE)-- LivaNova PLC (Nasdaq: LIVN), a market-leading medical technology company, today announced that Natalia Kozmina is joining the Company as Chief Human Resources Officer (CHRO), effective January 14. Kozmina will lead global human resources, serve on the Executive Leadership Team, and report to Vladimir Makatsaria, Chief Executive Officer. “Natalia has a deep background in the medtech and life sciences sectors and is a proven enterprise and executive leader in human resources management,” Makatsaria said. “I look forward to collaborating with Natalia to further strengt...

 PRESS RELEASE

RECOVER Clinical Study Shows Meaningful Benefits of LivaNova’s VNS The...

LONDON--(BUSINESS WIRE)-- LivaNova PLC (Nasdaq: LIVN), a market-leading medical technology company, today announced that the journal Brain Stimulation has published two pivotal articles chronicling the unipolar cohort data set for the . The researchers evaluated the safety and efficacy of LivaNova’s VNS Therapy™ System and its effectiveness on quality of life and daily function in this population of patients with treatment-resistant unipolar depression. Overall, the articles concluded that active VNS Therapy, as compared with a no-stimulation control (or sham VNS Therapy), safely and effective...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch