The Week That Was

In new issuance this week, there were three deals announced.  The first, and by far the largest, was Wright Medical Group (WMGI).  The company announced a $400 million senior convertible deal on Monday that was later upsized to $550 million.  The company is planning to use about $292 million of the proceeds from the deal to repurchase approximately $240 million principal amount of the outstanding 2% convertible notes due 2017.  The remainder of the proceeds will be used to pay for a convertible note hedge transaction and for general corporate purposes. WMGI is a specialty orthopedic company with an existing convertible bond outstanding.  The new convertible received a lackluster HOCS slash line of...

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