Integer Holdings Prices Offering Of $875.0 Mln Convertible Senior Notes Due 2030

Integer Holdings

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(RTTNews) - Integer Holdings Corp. (ITGR) on Thursday said that it had priced the offering of $875.0 million aggregate principal amount of 1.875% convertible senior notes, which are due in 2030. The offering has been upgraded from the earlier announced size of $750.0 million aggregate principal number of convertible notes, the company added.

The company granted to the initial purchasers of the Convertible Notes an option to purchase up to an additional $125.0 million aggregate principal amount of the Convertible Notes.

The company, which manufactures and develops medical devices, said that the offering is expected to close on March 18, subject to customary closing conditions.

Further, the firm has entered into privately negotiated capped call transactions with certain of the initial purchasers and certain other financial institutions.

Integer Holdings said that the cap price of the capped call transactions will be $189.44 per share, which is a 60 percent premium over the last reported sale price of its common stock of $118.40 per share on March 13. The company said that this cap price will be subject to customary anti-dilution adjustments.

The company expects the total net proceeds from this offering to be around $853.9 million. It could increase to around $976.1 million also, if the initial purchasers of the Convertible Notes make use of their option to buy additional convertible notes in full.

The company said that it plans to use around $62.1 million of the net proceeds from the offering to pay the cost of the capped call transactions. The net proceeds will also be used to repay borrowings and any accrued and unpaid interest under its credit agreement.

According to Integer Holdings, a part of the proceeds will also be used for prepayment premium, penalty or other amount, if any, due in relation with such repayment, and for general corporate purposes.

ITGR closed Thursday's trade at $118.40, down 0.97 percent on the NYSE.