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San Antonio wound-care company Acelity LP Inc. announced Tuesday announced that its subsidiaries entered into a credit agreement that provides for a nearly $1.1 billion term facility and a $300 million revolving facility.
The company also announced that two subsidiaries, Kinetic Concepts Inc. and KCI USA Inc., fully repaid their existing credit facilities following last week’s completion of the $2.9 billion sale of LifeCell Corp. to pharmaceutical giant Allergan.
“The completion of the sale of LifeCell and subsequent repayment of debt bolsters our balance sheet and significantly reduces our interest expense,” Acelity CEO and President Joe Woody said in a prepared statement. “This further positions us to focus on our leading advanced wound therapeutics business and the many opportunities we have to drive growth.”
The term loans will mature in 2024 while the revolving facility matures in 2022.
Separately, Argo Group International Holdings Ltd., a Bermuda-based underwriter of specialty insurance and reinsurance products that has a large presence in San Antonio, announced it has closed on its acquisition of Ariel Re, an underwriter of insurance and reinsurance business. The deal has been valued at about $235 million.
Argo reported in a Securities and Exchange Commission filing that it borrowed $125 million under its $175 million credit agreement to fund the purchase.
The company also announced former Ariel Re CEO Ryan Mather will serve as Argo’s global head of reinsurance.
Ariel Re had been jointly owned by Banco BTG Pactual and Abu Dhabi Investment Council.
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