Orthofix International N.V. (NASDAQ: OFIX) (the Company), Orthofix
Holdings Inc. and certain subsidiaries of the Company announced today
that they have completed the first amendment to their existing credit
agreement dated September 22, 2006.
The amendment, which was requested by the company, includes revisions
that relax the leverage ratio and clarify the definition of Consolidated
EBITDA and Excess Cash Flow, among other changes. The interest rate
applicable to the loan has been amended to LIBOR plus 4.50% from LIBOR
plus 1.75%, reflecting current debt market conditions. The company will
continue to have flexibility to repay the loan at any time without any
additional cost.
“We are very pleased to have proactively
completed this amendment under the most difficult market conditions,”
commented Alan Milinazzo, the Company’s
President and Chief Executive Officer. “The
changes we incorporated into the credit agreement amendment allow us
sufficient flexibility to execute on our global strategies as previously
outlined.”
A copy of the first amendment is included as Exhibit 10.1 in the Company’s
Current Report on Form 8-K that is being filed today with the Securities
and Exchange Commission.
About Orthofix
Orthofix International, N.V., a global medical device company, offers a
broad line of minimally invasive surgical, and non-surgical, products
for the spine, orthopedic, and sports medicine market sectors that
address the lifelong bone-and-joint health needs of patients of all ages–helping
them achieve a more active and mobile lifestyle. Orthofix’s
products are widely distributed around the world to orthopedic surgeons
and patients via Orthofix’s sales
representatives and its subsidiaries, including BREG, Inc. and
Blackstone Medical, Inc., and via partnerships with other leading
orthopedic product companies. In addition, Orthofix is collaborating in
R&D partnerships with leading medical institutions such as the
Orthopedic Research and Education Foundation, Rutgers University, the
Cleveland Clinic Foundation, Texas Scottish Rite Hospital for Children
and National Osteoporosis Institute. For more information about
Orthofix, please visit www.orthofix.com.
Forward-Looking Statements
This communication contains certain forward-looking statements under the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements, which may include, but are not limited to, statements
concerning the projections, financial condition, results of operations
and businesses of Orthofix and its subsidiaries and are based on
management’s current expectations and
estimates and involve risks and uncertainties that could cause actual
results or outcomes to differ materially from those contemplated by the
forward-looking statements.
Factors that could cause or contribute to such differences may include,
but are not limited to, risks relating to the expected sales of its
products, including recently launched products, unanticipated
expenditures, changing relationships with customers, suppliers and
strategic partners, risks relating to the protection of intellectual
property, changes to the reimbursement policies of third parties,
changes to and interpretation of governmental regulation of medical
devices, the impact of competitive products, changes to the competitive
environment, the acceptance of new products in the market, conditions of
the orthopedic industry and the economy, corporate development and
market development activities, including acquisitions or divestitures,
unexpected costs or operating unit performance related to recent
acquisitions and other factors described in our annual report on Form
10-K and other periodic reports filed by the Company with the Securities
and Exchange Commission.
Orthofix International N.V.
Dan Yarbrough, 617-912-2903
Vice
President of Investor Relations
danyarbrough@orthofix.com
