LivaNova (Nasdaq: LIVN) + announced that it priced an offering of convertible senior notes worth $300 million in total.

The company plans to offer the notes, due 2029, to qualified institutional buyers. LivaNova also granted initial purchasers an option to purchase up to an additional $45 million in notes. This option comes within a 13-day period beginning on and including the date of first issuance.

LivaNova expects to complete the sale to initial purchasers on March 8, subject to customary closing conditions. They bear interest at a rate of 2.5% per year, payable semiannually in arrears on March 15 and Sept. 15, beginning Sept. 15, 2024. Notes equal approximately $69.40 per share, representing a conversion premium of about 32.5% on LivaNova’s stock price.

The notes mature on March 15, 2029, unless earlier converted, redeemed or repurchased, according to a news release.

LivaNova expects approximately $289.3 million in net proceeds, but that could rise to $333 million if purchasers exercise their option.

The company plans to use the net proceeds to pay the cost of capped call transactions, pay the cost of the note repurchases and, if the company has remaining proceeds, following those payments, for general corporate purposes.

It’s been an up and down time for LivaNova in recent months. Last month, it appointed a new CEO after a 10-month search to fill its corner office. Vladimir A. Makatsaria, a longtime Johnson & Johnson executive, took over as the company’s CEO and takes up a board seat as well.

However, the company announced in January that it planned to wind down its advanced circulatory support (ACS) business unit. This orderly wind-down came as part of an effort to focus on the company’s core cardiopulmonary (CP) and neuromodulation units. As a result, LivaNova plans to lay off 137 employees at its Pittsburgh, Pennsylvania location by the end of this year.