Wright Medical (NSDQ:WMGI) today announced a secondary offering of stock, with Warburg Pincus affiliate TMG Holdings looking to unload 6.2 million shares.
The funds raised will go to the sharing stockholder and no proceeds will return to Wright Medical from the sale, which could raise up to $120 million based on current share prices.
Bank of American Merril Lynch will act as underwriter for the offering, according to a press release from the company.
Earlier this month, Wright Medical said it raised $395 million in a private placement of debt with a syndicate of institutional investors.
The offering, of 2.25% convertible senior notes due in 2021, is expected to close May 20, Wright said. Some holders of Wright’s 2.0% notes due in 2017 and 2020 have pledged to exchange the older debt for the notes being issued now, Wright said.
Earlier in May, Wright topped the Wall Street’s consensus for its 1st-quarter losses on sales growth of some 132.3%. Losses for the 3 months ended March 27 were -$48.0 million, or -47¢ per share, on sales of $181.0 million. Adjusted to exclude 1-time items, losses per share were -6¢, 19¢ above The Street.
The results prompted Wright to raise its outlook for the rest of the year. The company said it now expects to post adjusted EPS of -59¢ to -64¢, up from prior guidance of -65¢ to -71¢, on sales of $705 million to $715 million, up from $695 million to $705 million previously.
Wright also said that David Mowry, the former Tornier CEO who stayed on as COO after a $3.3 billion merger in October 2015, stepped down to pursue other interests.
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