Alphatec Holdings (ATEC) said late Tuesday it priced a $350 million private offering of 0.75% convertible senior unsecured notes due 2030, upsized from $300 million.
The company granted the initial purchasers a 13-day option to buy up to an additional $55 million of notes. The issuance and sale is expected to settle on Friday.
The initial conversion rate is 64.3407 shares of common stock per $1,000 of notes, which represents an initial conversion price of about $15.54 per share, the company said.
Alphatec plans to use about $36.7 million of the net proceeds to fund the cost of certain capped call transactions, about $268.4 million to repurchase outstanding notes, and the remainder for general corporate purposes.
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