Daily News: July 17, 2017

SunTrust Supports BioTelemetry Acquisition of LifeWatch

Wireless medical technology firm BioTelemetry completed its acquisition of Swiss-based LifeWatch. SunTrust Bank provided a $205 million term loan to support the acquisition.

“We are gratified that LifeWatch AG shareholders embraced the immense strategic value and potential of this acquisition and moved quickly to support the BioTelemetry tender,” said Joseph H. Capper, president and CEO of Malvern, PA-based BioTelemetry. “This acquisition strengthens our preeminent position as the leader in wireless medicine, creating the foremost connected health platform, significantly enhancing our ability to improve quality of life and reduce cost of care.”

According to a related 8-K filing, SunTrust Bank served as administrative agent, lender and swingline lender for a term loan in an aggregate principal amount equal to $205 million, the proceeds of which were used to refinance the company’s existing indebtedness, including indebtedness of LifeWatch, in the amount of approximately $28 million and pay a portion of the consideration for the acquisition of LifeWatch, including related transaction fees and expenses of the acquisition. The facility included a $50 million revolving credit facility for ongoing working capital purposes, which remains undrawn.

BioTelemetry, formerly known as CardioNet, is a wireless medical technology company focused on the delivery of health information to improve quality of life and reduce cost of care.

LifeWatch headquartered in Zug, Switzerland, is a healthcare technology and solutions company, specializing in advanced digital health systems and wireless remote diagnostic patient monitoring services.