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Blackstone’s DJO Seeks $630 Million of Debt to Refinance

DJO

DJO Finance LLC, the Blackstone Group LP-owned maker of orthopedic devices, is seeking to amend $943 million of loans to push out maturities and replace existing debt.

The company wants to issue a $300 million term loan to refinance a portion of its senior credit and obtain a five-year $100 million revolving credit line to replace its revolver, according to a regulatory filing today. DJO is also seeking $230 million of senior secured second-priority debt to repurchase $210 million of 10.875 percent notes due in 2014.

The new term loan will be due in September 2017 and pay interest at 5 percentage points more than the London interbank offered rate, according to a person with knowledge of the transaction who declined to be identified because the terms are private. Libor, a rate banks say they can borrow in dollars from each other, will have a 1.25 percent floor.

DJO is proposing to sell the loan at 98 cents on the dollar, the person said, reducing proceeds for the company and boosting the yield to investors.

ReAble Therapeutics Inc., an orthopedic device maker owned by Blackstone, purchased DJO for $1.3 billion in 2007.

DJO has $843 million outstanding under a term loan maturing in May 2014, according to data compiled by Bloomberg. The Vista, California-based company’s revolver expires in November 2013, the data show.

Seeking to Extend

The company is also seeking to extend a minimum of 55 percent of a term loan to November 2016 from May 2014, the person said. The extended term loan will pay interest at 5 percentage points more than Libor, the person said.

Lenders are being offered a 25 basis-point fee to agree to the extension and a 25 amendment fee, the person said. A basis- point in 0.01 percentage point.

The company’s 10.875 percent notes rose 0.74 percent today to 102.25 cents, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. That’s up from a low this year of 93.5 cents on the dollar on Jan. 23, the data show.

To contact the reporter on this story: Christine Idzelis in New York at cidzelis@bloomberg.net

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Josh Sandberg has been recruiting specifically in the musculoskeletal industry for over 8 years. Throughout this time, he has been able to have a positive impact on his client’s businesses. With an educational background in Business Management, Josh is adept to discern which people will be the best fit for the company he is searching for by understanding how candidates will incorporate with the company’s culture and operational nuances. His experience as an executive in a start-up business has granted him the ability to understand what is takes to thrive in a hands–on environment, where desire and dedication are paramount for success.