Conceptus swaps out $50 million in senior notes

Conceptus (NSDQ:CPTS) swapped out $50 million worth of 2.25% senior notes due 2027 from a select group of holders, exchanging them for 5% notes due 2031, regulatory filings show.

The principal amount on the new notes was an even swap for the originals, which was determined in individual negotiations between Conceptus and the holders.

The subscription agreement follows the sudden swap of former CEO Mark Sieczkarek and promotion of Keith Grossman to president upon lowering of 2012 guidance for the Mountain View, Calif.-based contraceptive devices maker.

Early in December Conceptus also announced that it canceled its $50 million revolving credit line with Wells Fargo Bank citing uncertainty about being able to meet "certain financial covenants."

Later in the month the company revealed that it entered into an Indenture with Wells Fargo as a trustee in connection with the note exchange.

The new notes are convertible into cash, shares of common stock or a combination of the two, according to filings.

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