JWCA advises CONMED on the repurchase of $645.2mm of convertible notes for cash

jUNE 2026 | read press release

Transaction Background

In June 2026, JWCA advised CONMED Corp (“CNMD”) on the cash repurchase of ~$645.2mm of its outstanding 2027 convertible. CNMD also amended and extended their existing credit facility, to include a new incremental $450mm term loan to repurchase existing convertible notes

CONMED’s objectives included:

  • Repurchase a significant portion of the outstanding convertible prior to maturity

  • Minimize transaction and friction costs: execute as efficiently as possible

In its role as Repurchase Agent for the transaction, JWCA provided the following support for the Company:

JWCA provided extensive analysis on deal structuring and related items, including:

  • Provided analysis and advice around tactics related to investor targeting and engagement

  • Investor outreach, negotiation, and execution of repurchases

  • Assisted the Company with the analysis of convertible economics and pricing dynamics

Results

CONMED executed a successful repurchase for its 2.25% convertible notes due 2027:

  • CNMD repurchased $645.2mm face value of their convertible notes (~80.7% of outstanding) for cash at a slight discount to par

  • The Company captured ~$8mm in savings versus repaying the bonds at par next year