Bioventus closes CartiHeal acquisition for $315M upfront; $80M term loan funded

Bioventus Inc.

Acquired CartiHeal for ~$315M upfront plus up to $135M in sales milestone earn-outs.
Acquisition closed July 12, 2022; $100M paid at closing, $215M deferred in tranches through 2027.
Funded part of purchase with $80M term loan (2022-1 Term Loans) maturing Oct 29, 2026.
Term loan bears interest at SOFR + 3.25% or Base Rate + 2.25% with leverage-based margins.
Credit agreement amended; financial covenants include max leverage 4.75x and min interest coverage 2.25x.

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