Integer Holdings (ITGR) said Thursday that it priced an offering of $875 million of 1.875% convertible senior notes due March 15, 2030, upsized from $750 million.
The initial conversion rate will be 6.6243 shares of common stock per $1,000 of convertible notes, equivalent to an initial conversion price of about $150.96 per share.
The company also granted the initial purchasers a 13-day option to buy up to an additional $125 million of notes. The offering is expected to close on Tuesday.
The company said it plans to use about $62.1 million of the net proceeds from the offering to pay the cost of certain capped call transactions.
The company expects to use about $384.4 million of the net proceeds to exchange about $383.7 million of its existing 2.125% convertible senior notes due 2028 with the issuance of about 1.6 million shares of its common stock in a private placement. The note exchange transactions are expected to close on Tuesday.
Integer plans to use any remaining net proceeds to repay borrowings under its credit agreement and for general corporate purposes.
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