NuVasive publicly sells $341.2mm in convertible notes

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.