LITTLE FALLS, N.J.,
May 22, 2020 /PRNewswire/ --
CANTEL MEDICAL CORP. (NYSE:CMD) ("Cantel" or the "Company")
today announced the sale of $28
million in aggregate principal amount of its 3.25%
convertible senior notes due 2025 in respect of the Company's
previously announced private offering of the notes to persons
reasonably believed to be qualified institutional buyers pursuant
to Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act"), pursuant to the full exercise by the initial
purchasers of their option to purchase additional notes. The
Company has issued a total of $168
million aggregate principal amount of the notes pursuant to
such offering.
The net proceeds from the May
22nd sale of the incremental notes was
approximately $27.2M after deducting
the initial purchasers' discounts and commissions, and before the
cost of offering expenses payable by the Company. The Company
expects to use these net proceeds from the notes offering for
general corporate purposes, inclusive of the application of 50% the
amount to the repayment of debt under the Company's credit
facilities as required by the second amendment to its credit
agreement entered into on May 11,
2020.
The notes and the common stock, if any, issuable upon conversion
of the notes have not been registered under the Securities Act or
any applicable state securities laws. As a result, neither the
notes nor the common stock, if any, issuable upon conversion of the
notes may be offered or sold within the
United States or to, or for the account or benefit of, U.S.
persons, except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act
and applicable state laws.
This press release does not and will not constitute an offer to
sell or a solicitation of an offer to buy any securities nor will
there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful under the securities
laws of such state.
About Cantel Medical:
Cantel Medical is a leading
global company dedicated to delivering innovative infection
prevention products and services for patients, caregivers, and
other healthcare providers which improve outcomes, enhance safety
and help save lives. Our products include specialized medical
device reprocessing systems for endoscopy and renal dialysis,
advanced water purification equipment, sterilants, disinfectants
and cleaners, sterility assurance monitoring products for hospitals
and dental clinics, disposable infection control products primarily
for dental and GI endoscopy markets, instruments and instrument
reprocessing workflow systems serving the dental industry,
dialysate concentrates, hollow fiber membrane filtration and
separation products. Additionally, we provide technical service for
our products.
For further information, visit www.cantelmedical.com.
This press release contains "forward-looking statements" as that
term is defined under the Private Securities Litigation Reform Act
of 1995 and other securities laws. For these statements, we claim
the protection of the safe harbor for forward-looking statements
contained in Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These statements are
based on current expectations, estimates, or forecasts about our
businesses, the industries in which we operate, and the current
beliefs and assumptions of management; they do not relate strictly
to historical or current facts. Without limiting the foregoing,
words or phrases such as "expect," "anticipate," "goal," "project,"
"intend," "plan," "believe," "seek," "may," "could," "aspire," and
variations of such words and similar expressions generally identify
forward-looking statements. In addition, any statements that refer
to predictions or projections of our future financial performance,
anticipated growth, strategic objectives, performance drivers and
trends in our businesses, and other characterizations of future
events or circumstances are forward-looking statements. Readers are
cautioned that these forward-looking statements are only
predictions about future events, activities or developments and are
subject to numerous risks, uncertainties, and assumptions that are
difficult to predict, including the impacts of the COVID-19
pandemic on our operations and financial results, general economic
conditions, technological and market changes in the medical device
industry, our ability to execute on our strategy, risks associated
with operating our international business, including limited
operating experience and market recognition in new international
markets, changes in United States
healthcare policy at both the state and federal level, product
liability claims resulting from the use of products we sell and
distribute, and risks related to our intellectual property and
proprietary rights needed to maintain our competitive position. We
caution that undue reliance should not be placed on such
forward-looking statements, which speak only as of the date made.
For a further list and description of these and other important
risks and uncertainties that may affect our future operations, see
our most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission, which we may update in
Quarterly Reports on Form 10-Q we have filed or will file
hereafter, as further updated by our Current Report on Form 8-K
dated May 12, 2020. We expressly
disclaim any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in our expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based.
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SOURCE Cantel Medical Corp.