Business Context and Reporting Period
This Form 8-K was filed by Greatbatch, Inc. on February 21, 2013, reporting events that occurred on February 20, 2013. The filing addresses the completion of a debt redemption transaction.
Key Financial Metrics
- Debt Redemption: The Company redeemed $197,796,000 in aggregate principal amount of 2.25% Convertible Subordinated Debentures.
- Redemption Price: Debentures were redeemed at par.
- Funding Source: Proceeds were drawn from the Company's revolving credit facility.
- Interest Status: Interest was paid through the redemption date.
- Other Metrics: The filing text does not provide clear values for revenue, profit, cash flow, margins, or overall liquidity positions beyond the specific transaction details.
Material Changes
The primary material change is the elimination of the 2.25% Convertible Subordinated Debentures due June 2013 from the Company's capital structure. This action was executed via an early redemption right prior to the scheduled maturity date.
Outlook, Risks, and Management Commentary
Management utilized proceeds from the revolving credit facility to fund the redemption. The filing incorporates by reference the material terms of the revolving credit facility found in the Company's 2012 Form 10-K and a June 2011 Form 8-K. No specific forward-looking guidance, new risks, or unusual items were disclosed in this report beyond the execution of the redemption.
Investor Verification Checklist
- Verify the impact of the $197.8 million draw on the Company's remaining availability under its revolving credit facility.
- Review the terms of the revolving credit facility (referenced in the 2012 10-K and June 2011 8-K) to understand interest rate implications and covenants.
- Confirm the removal of the 2.25% Convertible Subordinated Debentures from the balance sheet in subsequent filings.