JWCA aDVISES CANTEL MEDICAL CORP ON ITS $168 million convertible BOND ISSUANCE

MAY 2020 | read press release

Transaction Background

Facing uncertainty from the COVID-19 pandemic, Cantel was interested in amending its existing credit facility and raising capital opportunistically to strengthen the balance sheet and repay existing debt

Cantel’s objectives:

• Raise capital at a premium to current stock price

• Repay higher interest debt to increase financial flexibility

• Amend existing credit facility to provide ample flexibility to manage through the uncertainty of COVID-19

JWCA advised Cantel on the amendment, deal structuring and related items, including:

• Evaluating cost of capital of structural alternatives

• Issuer redemption and make-whole mechanics

• Shareholder messaging

• Accounting considerations

• Syndicate and fee structuring

• Documentation

JWCA provided advice, support, and analysis throughout the preparation and execution process

Results

In a market flooded with unprecedented new convertible issuance, Cantel was able to achieve pricing within the marketed range

JWCA advised management on the day of the offering providing execution insight and ensuring a high-quality execution

Company announced credit facility amendment concurrently with the convertible debt offering