HeartWare International Inc. (NSDQ:HTWR) added $25 million to the $100 million offering of convertible senior notes that the company annouced yesterday.
The Framingham, Mass.-based cardiac assist firm today filed a shelf registration statement with the Securities & Exchange Commission for $125 million in notes, which would be due in 2017, according to the company.
HeartWare said it plans to use the proceeds from the offering for "expansion of its manufacturing capabilities and/or licensing of or investment in complementary products, technologies or businesses," according to a press release.
Separately, major HeartWare investor Apple Tree Partners I LP also registered for a 900,000 share offering from its stake, a reduction from yesterday’s planned offering of a million shares. The investment firm filed its registration statement with the SEC for the sell-off today.
J.P. Morgan Securities LLC is acting as the sole book-runner for both offerings. HeartWare intends to grant the underwriter an option to purchase up to an additional $18.75 million in notes to cover over-allotments. Apple Tree will also grant J.P. Morgan an over-allotment option of 100,000 shares, according to the investment firm.
Despite increased losses, HeartWare’s third quarter sales almost doubled. The company reported a net loss of $7.8 million, or 57 cents per share, on sales of $13.8 million for the three months ended Sept. 30. That compares with net losses of $5.9 million, or 60 cents per share, on sales of $7.5 million during the same period last year.