Carlsbad, Calif.-based SeaSpine Holdings Corp. priced an underwritten public offering of 3,250,000 common shares at $15.50 apiece to raise about $50.4 million in gross proceeds.

The company has given underwriters the option to purchase up to an additional 487,500 shares.

SeaSpine plans to use the net proceeds from the offering to repay all 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 focused on the design, development and marketing of surgical solutions to treat spinal disorders.