SeaSpine Holdings Corp., a healthcare equipment company, initiated an underwritten public offering of its common shares.
The company also plans to grant the underwriters an overallotment option to buy up to an additional 15% of the shares offered.
Carlsbad, Calif.-based SeaSpine plans to use the net proceeds from the offering to repay all of its outstanding borrowings under a credit facility with Wells Fargo Bank NA. In addition, it will use the net proceeds for general corporate purposes, including general and administrative expenses, capital expenditures and general working capital purposes.
Wells Fargo Securities LLC, Piper Jaffray & Co. and Cantor Fitzgerald & Co. are acting as joint book-running managers, while BTIG LLC is acting as lead manager for the offering.
SeaSpine is a medical technology company, which focuses on the design, development, and marketing of surgical solutions to treat spinal disorders.