Merit Medical Systems Inc. closed its common stock offering with about $204.9 million in net proceeds.

The South Jordan, Utah-based medical device company offered 3.5 million shares at $54 apiece. In addition, 525,000 shares were bought by the underwriters after they fully exercised their overallotment option.

Merit expects to use the proceeds to repay debt under its existing credit facility.

Wells Fargo Securities and Piper Jaffray & Co. acted as joint book-runners and representatives of the underwriters, while Canaccord Genuity, Raymond James, SunTrust Robinson Humphrey, Barrington Research and Sidoti & Co. LLC acted as co-managers for the offering.