conmed corp (CNMD) Key Developments
CONMED Corporation Declares Quarterly Cash Dividend Payable on July 6, 2015
May 29 15
CONMED Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share, payable on July 6, 2015 to all shareholders of record as of June 15, 2015.
CONMED Corporation Presents at Jefferies 2015 Global Healthcare Conference, Jun-03-2015 03:30 PM
May 19 15
CONMED Corporation Presents at Jefferies 2015 Global Healthcare Conference, Jun-03-2015 03:30 PM. Venue: The Grand Hyatt Hotel, New York, New York, United States.
CONMED Corporation Appoints Peter Shagory as Executive Vice President, Strategy and Corporate Development
May 11 15
CONMED Corporation announced that it has appointed Peter Shagory as the company’s Executive Vice President, Strategy and Corporate Development. Mr. Shagory will be responsible for managing CONMED’s global business development and strategic business opportunities. Mr. Shagory brings to CONMED more than 20 years of experience in healthcare venture investing and mergers and acquisitions through his previous venture capital, investment banking and corporate roles. Most recently, Mr. Shagory led the strategy and business development efforts for Cardinal Health’s Medical Products Group within the Medical Segment, where he played a key role in Cardinal Health’s entry into the interventional cardiovascular and the advanced wound care categories. Prior to that, Mr. Shagory led the healthcare and life sciences investment effort at Baird Venture Partners, focusing on medical technology and research tools and diagnostics.
CONMED Corporation Seeks Acquisitions
May 6 15
CONMED Corporation (NasdaqGS:CNMD) is looking for acquisition. Curt Hartman, President and Chief Executive Officer of CONMED Corporation states, "We also announced that we would be acquisitive. We have cash generation. We think we can do small tuck-in acquisitions to each of our core businesses. Luke has been serving a dual purpose as CFO as well as my head of BD and working with the business leaders, facilitating that process."
CONMED Corporation Enters into Fourth Amended and Restated Credit Agreement Providing for $450.0 Million Secured Revolving Credit Facility
Apr 28 15
On April 28, 2015, CONMED Corporation (the Company), as a borrower, entered into a fourth amended and restated credit agreement providing for a $450.0 million secured revolving credit facility (the Credit Agreement), among the Company, the foreign subsidiary borrowers from time to time parties thereto, the several lenders from time to time parties thereto and JPMorgan Chase Bank, N.A., as administrative agent (the Administrative Agent). The Credit Agreement comprises commitments from eight financial institutions. The Credit Agreement permits the Company to designate foreign subsidiaries as additional borrowers. The Credit Agreement expires on April 28, 2020, at which time all outstanding amounts will be due and payable. There is $270 million outstanding under the Credit Agreement. The Credit Agreement amends and restates a credit agreement dated January 17, 2013 that was due to expire on January 17, 2018. The Company's borrowings under the Credit Agreement can be used for all general corporate purposes and will bear interest at variable rates dependent on the Company's consolidated senior leverage ratio, calculated according to a base rate or a Eurocurrency rate plus an applicable margin, as the case may be. The Company must pay facility commitment fees quarterly in arrears at rates dependent on the Company's consolidated senior leverage ratio. The applicable margin and rate for the facility commitment are set at agreed pricing levels until February 2016 and will thereafter fluctuate dependent on the Company's consolidated senior leverage ratio. Borrowings under the Credit Agreement are secured by assets and rights of the Company and certain of its subsidiaries. The Credit Agreement contains customary covenants for transactions of this type, including three financial covenants: (i) a consolidated senior leverage ratio, as defined in the Credit Agreement, that must be maintained at a level of not greater than 3.5 to 1; (ii) a consolidated total leverage ratio, as defined in the Credit Agreement, that must be maintained at a level of not greater than 4 to 1; and (iii) a consolidated fixed charge coverage ratio, as defined in the Credit Agreement, that must be maintained at a level of not less than 2.5 to 1. In addition, as a condition precedent to each borrowing made under the Credit Agreement, as of the date of such borrowing, (i) no default or event of default shall have occurred and be continuing on such date or after giving effect to the extensions of credit requested to be made on such date and (ii) the Company is to reaffirm that the representations and warranties made in the Credit Agreement are true and correct in all material respects. The Credit Agreement provides for customary events of default, including failure to pay any principal or interest when due, failure to comply with covenants, any representation made by the Company proving to be incorrect, defaults relating to other indebtedness of at least $25,000,000 in the aggregate, certain insolvency and receivership events affecting the Company or its subsidiaries, judgments not covered by insurance in excess of $25,000,000 in the aggregate being rendered against the Company or its subsidiaries, the acquisition by any person of more than 35% of the outstanding common stock of the Company, and the incurrence of certain ERISA liabilities that would reasonably be expected to have a material adverse effect.