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Nevro nets $146mm in public convertible notes financing
10 Jun 2016
Nevro Corp. (devices to treat chronic pain) netted $145.5mm through the public offering of $150mm aggregate principal amount of 1.75% convertible senior notes due 2021. (The company had initially proposed an offering of $125mm aggregate principal amount.) The notes convert to 10.3770 shares of common stock per $1k principal (equivalent to $96.37/share; the stock was averaging $69.16). Nevro will use about $21mm of the proceeds to fully repay its term loan with Capital Royalty Partners. Additional proceeds will go toward ongoing US commercialization efforts for its Senza implantable spinal cord stimulator, which received PMA a year ago for indications in chronic intractable pain of the trunk and limbs.
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