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Alphatec deals international biz to Globus Medical for $80m

alphatec-globus-medical-7x4-700x400Alphatec (NSDQ:ATEC) said today it entered into an agreement with Globus Medical (NYSE:GMED) to sell its international operations and distribution channels for $80 million.

Alphatec said the deal includes a 5-year senior secured credit facility for up to $30 million from Globus Medical.

Alphatec said it plans to use portions of the cash offering to pay down its approximately $69 million of existing debt and debt-related costs. The Carlsbad, Calif.-based company said the funds, as well as a revolving line of credit from MidCap Financial will support its transition to a U.S. market based company.

By Fink Densford | MassDevice

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