Biomet, Inc. today announced that its parent company, LVB Acquisition, Inc., has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. In connection with the offering, LVB Acquisition, Inc. intends to change its name to Biomet Group, Inc.
The number of shares to be offered and the price range for the proposed offering have not yet been determined. BofA Merrill Lynch, Goldman, Sachs & Co., J.P. Morgan, Citigroup, Wells Fargo Securities, Barclays and Morgan Stanley are acting as the joint book-running managers for the offering.
Biomet expects to use the net proceeds of the offering primarily to reduce outstanding indebtedness.