WARSAW, Ind., Nov. 17 (UPI) -- Symmetry Medical of Warsaw, Ind., Wednesday cut the price range for its pending initial public offering to $13 to $15 a share from $14 to $16.
The IPO size was also trimmed to 8 million shares from 10 million.
The company plans to use about $36.4 million of the net proceeds from the IPO to repay all of its existing subordinated debt.
It also will use proceeds to repurchase a portion of its outstanding preferred stock and preferred stock warrants.
Banc of America Securities, Credit Suisse First Boston, Piper Jaffray and Wachovia Securities were listed as underwriters for the offering.
The company has granted the underwriters the right to purchase up to 1.2 million additional shares to cover over-allotments.
The company's principal stockholders after the offering will include Olympus Partners Funds, with a 63.9 percent stake, and 3i Investments with a 7.2 percent stake.
Symmetry Medical is an independent provider of implants and related instruments and cases to orthopedic device manufacturers.
The company said its common stock has been approved for listing on the New York Stock Exchange under the symbol SMA.
