Surgalign Holdings, Inc. (formerly RTI Surgical Holdings, Inc.) Announces Closing of Sale of OEM Business, Name and Ticker Change, and Leadership Transitions
RTI SURGICAL (RTIX)
Last rti surgical earnings: 11/1 07:00 am
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US:NASDAQ Investor Relations:
rtix.com/en_us/investors
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Source: GlobeNewswire
After-tax proceeds from the OEM sale will be utilized to repay all outstanding indebtedness and redeem outstanding Series A Convertible Preferred StockCompany has been renamed Surgalign Holdings, Inc and will trade under the ticker “SRGA” effective July 23, 2020 DEERFIELD, Ill., July 20, 2020 (GLOBE NEWSWIRE) -- Surgalign Holdings, Inc. (formerly RTI Surgical Holdings, Inc.) (Nasdaq: RTIX), a global surgical implant company, today announced the closing of the sale of the OEM business, effective July 20, 2020, for a total consideration of $440 million, paid in cash. The Company has fully repaid all of its outstanding indebtedness, including the $80 million revolving line of credit with JP Morgan Chase Bank and both the $100 million term loan and $30 million incremental term loan commitment with Ares Capital Corporation. The Company will also redeem all of the outstanding shares of Series A Convertible Preferred Stock for total cash consideration of approximately $67 million. After
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