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Integra increases credit facility to fund acquisition of J&J's neurosurgery biz

Integra LifeSciences Holdings Corp. increased its credit facility to finance the acquisition of Johnson & Johnson's Codman Neurosurgery business.

The medical technology company will be borrowing an extra $700 million from its bank group led by Bank of America NA, expanding the credit facility to $2.2 billion from $1.5 billion.

The $700 million term loan will be available in a single drawing on a delayed basis, upon closing of the acquisition.

The acquisition is expected to close in the fourth quarter, Integra CFO Glenn Coleman said in the news release.

The credit facility, comprising the expanded term loan of $1.2 billion and revolving credit of $1 billion, matures Dec. 7, 2021.