Globus Medical enters $400M credit facility, authorizes $350M stock buyback

GLOBUS MEDICAL INC

$400M unsecured credit agreement with U.S. Bank as agent; matures Sept 2028.
New $350M stock repurchase program approved by board with no time limit.
About $150.8M remains from prior repurchase programs announced in 2020 and 2022.
Credit facility includes $200M accordion feature, SOFR-based pricing (margin 1.125%-1.625%).
Loan parties include NuVasive as guarantor; leverage ratio covenant applies.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

GLOBUS MEDICAL INC entered into Credit Agreement with U.S. Bank National Association, as the administrative agent valued at $400 million (effective 2023-09-27).

Action: entry
Agreement: credit facility
Counterparty: U.S. Bank National Association, as the administrative agent
Value: $400 million
Effective: 2023-09-27

Exact text from the filing

On September 27, 2023, Globus Medical, Inc. (the “Company”), together with Globus Medical North America, Inc., the Company’s wholly-owned subsidiary (with the Company, the “Borrowers”) entered into an unsecured credit agreement (the “Credit Agreement”) with U.S. Bank National Association, as the administrative agent (the “Agent”), Citizens Bank, N.A., as syndication agent, Royal Bank of Canada, as the documentation agent, U.S. Bank National Association and Citizens Bank, N.A., as joint lead arrangers and joint book runners, and the other lenders referred to therein.

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Source: SEC EDGAR

accession 0001562762-23-000357

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