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PolyMedica sells $174mm in convertible notes

Executive Summary

PolyMedica (blood glucose testing) netted $174mm (including the overallotment) through the sale of 1% convertible subordinated debt to qualified institutional investors. The five-year notes convert into cash up to the principal amount, and above that amount into common shares at $47.90. The company plans to use $118.6mm to repay outstanding bank debt and $29.6mm to buy back 705k shares of its common stock.
Deal Industry
  • Biotechnology
  • In Vitro Diagnostics
  • In Vitro Diagnostics
    • Glucose Testing
Deal Status
  • Final
Deal Type
  • Financing
    • Convertible Debt
    • Private Placement

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