A Medical Device Daily

Abiomed (Danvers, Massachusetts) reported that the underwriters of its recent stock offering have partially exercised their over-allotment option and purchased 80,068 additional shares of Abiomed common stock from the company.

The over-allotment option was granted to the underwriters in connection with the offering of 5 million shares of stock initiated at the end of March (Medical Device Daily, March 29, 2007).

The net proceeds to Abiomed from the exercise of the over-allotment option were about $1 million, after deducting underwriting discounts and commissions and estimated offering expenses, bringing the total value of the offering to about $64.6 million

After giving effect to the closing of the sale of 80,068 shares resulting from the partial exercise of the over-allotment option, Abiomed said it has about 32,336,501 shares of common stock issued and outstanding.

The offering was managed by Morgan Stanley & Co. Incorporated and UBS Securities as joint book-running managers.

Abiomed is a developer of products designed to assist or replace the pumping function of the heart. It manufactures the AB5000 Circulatory Support System and the BVS 5000 Biventricular Support System for the temporary support of all patients with failing but potentially recoverable hearts and is the developer of the AbioCor Implantable Replacement Heart.

In other financing activity:

• Tyco International (Pembroke, Bermuda) reported that, in connection with its planned separation into three independent, publicly traded companies, it has entered into three bridge loan facilities and three revolving credit facilities.

On April 25, Tyco, certain of its subsidiaries and a syndicate of banks entered into three bridge loan facilities. The aggregate commitment amount of the lenders under the bridge loan facilities is $10 billion.

Funds under the bridge loan facilities will be used, together with cash on hand, to pay for debt tendered and consents obtained pursuant to the tender offers that Tyco and certain of its subsidiaries intend to undertake in order to purchase substantially all of their outstanding public debt.

The company also entered into three revolving credit facilities. The aggregate commitment amount of the lenders under the revolving credit facilities is initially $2.5 billion, and will increase to $4.25 billion at the time of the anticipated separation of Covidien (formerly Tyco Healthcare) and Tyco Electronics from Tyco.

Of the aggregate commitment amount of $4.25 billion, a $1.25 billion commitment will be available to Tyco, and a $1.5 billion commitment will be available to both Covidien and Tyco Electronics respectively.

The revolving credit facilities will replace Tyco's existing revolving credit facilities and be used for working capital, capital expenditures and other corporate purposes.

Tyco initially will guarantee the new revolving credit facilities and Covidien and Tyco Electronics will each assume the obligations of Tyco with respect to one of the revolving credit facilities upon their anticipated separation from Tyco.

Tyco first disclosed its plan to break the company up into various components in January 2006 (MDD, Jan. 17, 2006).

• Vyteris Holdings (Fair Lawn, New Jersey) reported the completion of a series of financing transactions in which it raised more than $23.1 million, of which $20.1 million was in cash and $3 million in non-cash debt conversion, from October 2006 and ending April 15, 2007.

Proceeds of this close include repayment of about $8.4 million in senior secured debt, as well as enable the company to support its sales initiatives for LidoSite, a transdermal analgesic smart patch approved by the FDA for relief of needle stick pain, into the physician office-based market in 3Q07.