Sybron Dental Sets Sale of Stock to Repay Debt
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Sybron Dental Specialties Inc., an Orange-based maker of professional dental products, said Wednesday that it will sell 2.65 million shares of common stock to repay a loan for purchasing its European peer, Hawe Neos Holdings S.A.
Sybron said in a press release that the stock offering’s underwriter, Credit Suisse First Boston Corp., will buy the shares for $50.4 million and that most of the proceeds will be used to pay off loans that financed the $45-million Hawe Neos purchase last month.
The offering is scheduled to settle Friday, and Credit Suisse will resell the shares in negotiated transactions.
The company also raised its earnings forecast based on the purchase. Sybron said in a press release that the new business should add 2 cents a share to earnings next year and 6 cents the following year. The revision amounts to 1 cent more a share each year.
Sybron stock fell 74 cents to close at $20.38 a share on the New York Stock Exchange.
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