Acelity CFO Casey departs on the eve of $1.75B debt offering, $450m refi

Acelity CFO Tom Casey is stepping down effective Sept. 16 for the chief finance spot at another, unnamed company, as Acelity prepares for a $1.75 billion debt offering and a $675 refinancing, the wound care giant said today.

Casey is slated to be replaced on an interim basis by Acelity veteran Todd Wyatt, vice president of global corporate finance, while the San Antonio-based company looks for a permanent replacement. Acelity said Casey will assist Wyatt in “a seamless transition” over the next 30 days.

“I want to thank Tom for the important role he has served during his time with the company. He and his team of excellent finance professionals have been instrumental in delivering outstanding financial results, as well as realizing important benefits through multiple financing initiatives during the last two years,” president & CEO Joe Woody. “Todd has an established tenure and demonstrated track record of excellence; I am confident that his contributions will continue to enhance the strategic and financial imperatives of Acelity.”

“I am proud of what we have accomplished at Acelity,” Casey added. “Acelity is both financially and operationally strong, with exceptional leadership and finance teams in place that remain focused on delivering the strategic and financial priorities of the business.”

In regulatory filings, Acelity said it plans to issue $1.75 billion in 2nd-lien senior secured notes due in 2021 in a private offering, with the proceeds earmarked for redeeming the same amount in 10.5% 2nd-lien notes due in 2018. The company is also planning to exchange some of the $612.0 million it has in 12.5% senior notes due 2019 for up $450 million of 12.5% limited 3rd-lien senior secured notes due in 2021. If the exchange is over-subscribed, Acelity said, any overage will be accepted on a pro rata basis. Institutional investors have already agreed to tender some $305.0 million worth of the 12.5% senior notes due 2019, the company said.

It’s not the 1st debt refinancing Acelity has made this year. In February, the company said it planned to float $400 million in 1st-lien senior unsecured notes via a private offering, intending to use the funds to repay outstanding debt on its senior-term E-2 credit facility which comes due Nov. 4.

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