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Device company Wright Medical Group nets $286.5mm in convertible debt

Executive Summary

Wright Medical Group NV (biologics and medical devices for extremities) netted $286.5mm through the sale of $395mm gross amount of convertible senior notes due 2021. The notes convert to cash at the holder's option and bear an interest rate of 2.25% payable semiannually in arrears on each May 15 and November 15 and mature on November 15, 2021. The initial conversion rate is 46.8165 ordinary shares per $1,000 principal notes (represents $21.36 conversion price; 20% conversion premium). Concurrently, selected investors agreed to exchange their 2017 and 2020 notes, however the company will not receive any funds. The company will use a portion of the proceeds to pay for cash convertible note hedge transactions.
Deal Industry
  • Biotechnology
  • Medical Devices
  • Medical Devices
    • Biomaterials
    • Implantable Devices
    • Surgical Equipment & Devices
      • Minimally or Less Invasive
Deal Status
  • Final
Deal Type
  • Financing
    • Convertible Debt
    • Private Placement

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