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NuVasive publicly sells $341.2mm in convertible notes

Executive Summary

NuVasive Inc. (motion preservation and spinal fusion surgical devices) has netted $341.2mm through the public sale of six-year 2.75% convertible senior notes. The company had originally planned to offer $325mm in debt. At NuVasive’s election, the notes change into cash, stock, or a combination of the two. The initial conversion rate is 23.7344 shares per $1k principal amount of notes, equating to $42.13 each. (The stock is currently averaging $33.61.) NuVasive will use the majority of the proceeds to buy back up to $230mm of its 2.25% convertible notes due March 2013, as well as to pay for convertible note hedge transactions.
Deal Industry
  • Biotechnology
  • Medical Devices
    • Biomaterials
    • Implantable Devices
    • Surgical Equipment & Devices
      • Minimally or Less Invasive
Deal Status
  • Final
Deal Type
  • Financing
    • Convertible Debt
    • FOPO

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