aibioIntegra LifeSciences sells $450 million of 9.500% senior secured notes, refinances credit facility
Tickers IART
Integra refinanced a $1.3 billion revolver and a $775 million term loan with $450 million of 9.500% notes due 2033 and a $1.65 billion credit agreement, after reporting a 2025 net loss of $516.5 million.
Key facts
- Company
- INTEGRA LIFESCIENCES HOLDINGS CORP (NASDAQ: IART)
- News type
- Debt Financing
- Primary source
- INTEGRA LIFESCIENCES HOLDINGS CORP Form 8-K filed October 19, 2026 (SEC EDGAR)
Integra LifeSciences Holdings Corporation (Nasdaq: IART) said on October 19, 2026 that it closed a private offering of $450 million of 9.500% senior secured notes due November 1, 2033. The same day it signed an amended and restated credit agreement that makes up to $1.65 billion available. The company used the money to repay its existing credit agreement in full. The Form 8-K sets out the terms, and the company's press release calls the transactions a completed refinancing.
The notes carry a fixed 9.500% coupon. Borrowings under the term loan B bear Term SOFR plus 4.25%.
The credit agreement
Bank of America, N.A. is administrative agent, swing line lender and L/C issuer under the agreement, which was signed with a syndicate of lending banks. The facilities are a $600 million senior secured revolving credit facility and a $600 million term loan A, both with five-year maturities, and a $450 million term loan B with a seven-year maturity. Substantially all of Integra's existing and future wholly owned domestic subsidiaries guarantee the obligations, subject to customary exceptions. The loans are secured on a first-priority basis by substantially all of the tangible and intangible assets of the company and the guarantors, with exceptions that include real property and leasehold interests.
Borrowings bear interest at Term SOFR plus an applicable rate, or at alternative rates tied to the federal funds rate, Bank of America's prime rate or one-month Term SOFR plus 1.00%. For the revolver and term loan A, the Term SOFR margin starts at 3.00% and steps down to a range of 2.00% to 3.25% after the compliance certificate for the quarter ending December 31, 2026 is delivered.
The notes
The notes were issued under an indenture dated October 19, 2026, with Truist Bank as trustee and notes collateral agent. Interest is paid semi-annually on May 1 and November 1, starting May 1, 2027. The notes are guaranteed by the same subsidiaries that guarantee the credit agreement, and they are secured on a first-priority basis by collateral owned by the company, sharing that collateral pari passu with the credit agreement borrowings. The indenture says the notes are effectively subordinated to liabilities of subsidiaries that do not guarantee them.
Before November 1, 2029, Integra may redeem some or all of the notes at 100% of principal plus accrued interest and a make-whole premium. It may redeem up to 40% with the proceeds of certain equity offerings at 109.500% of principal, provided at least 50% of the original principal stays outstanding. On a change of control, the company must offer to buy the notes at 101% of principal. The notes and their guarantees have not been registered under the Securities Act. The release says they were offered only to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S.
Neither the release nor the 8-K names an initial purchaser or placement agent for the notes, or any law firm.
The refinancing
The company used the proceeds of the credit agreement borrowings and the notes to repay all term loans and revolving loans under its Seventh Amended and Restated Credit Agreement, dated March 24, 2023, as amended on June 6, 2025. That agreement, with Bank of America as administrative agent, provided a $1.3 billion revolving credit facility and a $775 million term loan, both due March 24, 2028. Its revolving commitments were terminated. The company says it paid no early termination penalties.
Losses and cash flow
The 10-K filed February 26, 2026 reports 2025 revenue of $1.64 billion, up from $1.61 billion in 2024. The same report shows a 2025 net loss of $516.5 million, compared with a net loss of $6.9 million in 2024. Cash provided by operations fell to $50.4 million in 2025 from $129.4 million in 2024. Year-end 2024 cash and cash equivalents were $246.4 million.
The release describes Integra as a global medical technology company in neurosurgery and tissue reconstruction. Its next fixed dates are the first coupon on May 1, 2027, and the end of the make-whole period on November 1, 2029.