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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.