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Article: ArthroCare Announces Agreement with One Equity Partners for $75 Million Investment.
- Article from:
- Investment Weekly News
- Article date:
- September 5, 2009
CopyrightCOPYRIGHT 2009 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ArthroCare Corp. (Pink Sheets: ARTC) announced that it has entered into an agreement with One Equity Partners (OEP), the global private equity investment arm of JPMorgan Chase & Co., whereby OEP will purchase $75 million of newly-issued ArthroCare Series A Convertible Preferred Stock. ArthroCare intends to use the proceeds to repay the Company's existing Credit Agreement and expects to use the remaining portion for general corporate purposes.
David Fitzgerald, ArthroCare's Acting President and Chief Executive Officer, said, "We are pleased to have the support of a prestigious investor such as One Equity Partners. This investment attests to the strength of our ...
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