The Firm represented K2M Group Holdings, Inc. (“K2M”) in connection with its initial public offering of 8,825,000 shares of common stock at a public offering price of $15.00 per share. K2M’s common stock began trading on NASDAQ under the ticker symbol “KTWO” on May 8, 2014.
The offering raised approximately $132 million in gross proceeds. K2M received approximately $120.0 million in net proceeds, after deducting underwriting discounts and estimated offering expenses. K2M used a portion of the net proceeds from the offering to retire all indebtedness outstanding under the notes held by certain of its shareholders, to repay all of the outstanding borrowings under its asset-based revolving credit facility and to pay all accumulated and unpaid dividends on its outstanding preferred stock. In addition, K2M intends to use the remaining portion of the net proceeds from the offering for working capital and general corporate purposes.
Piper Jaffray & Co., Barclays Capital Inc. and Wells Fargo Securities, LLC acted as joint book-running managers for the offering. William Blair & Company, L.L.C. and Cowen and Company, LLC acted as co-managers.
K2M is a global medical device company focused on designing, developing and commercializing innovative and proprietary complex spine technologies, techniques and minimally invasive procedures used by spine surgeons to treat some of the most difficult and challenging spinal pathologies.
The Simpson Thacher team included Kenneth Wallach, Jonathan Ozner, Jennifer Albrecht and Kara Sharkey (Capital Markets); James Rapp and Janice Brunner (Public Company Advisory Practice); Marcy Geller and Joseph Tootle (Tax); David Rubinsky, Paul Koppel and Patricia Adams (Executive Compensation and Employee Benefits); and Alexander Key (Intellectual Property).