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M&A: Spectranetics prepares $200M offering to fund $230M AngioScore bid

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M&A: Spectranetics prepare $200M offering to fund $230M AngioScore bid

Spectranetics (NSDQ:SPNC) announced this week that it plans to launch a senior note funding round in order to support its $230 million bid to acquire AngioScore and its portfolio of angioplasty catheters.

Spectranetics plans to offer $200 million in convertible senior notes due 2034, and expects to grant underwriters a 30-day option to purchase up to $30 million more.

The funds will help Spectranetics finance the acquisition, which consists of $115 million in cash and $115 million in Spectranetics common stock, with additional payouts pending certain regulatory and commercial achievements.

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The AngioScore buy fits snugly within Spectranetics’ growth strategy, according to Spectranetics president & CEO Scott Drake.

"AngioScore meets our criteria with an exceptional strategic fit, leverageable call points, differentiated technology and clear operating efficiencies,” Drake said in prepared remarks. "As a combined entity, we expect to have a meaningfully expanded market opportunity and a compelling product portfolio.”

“Simply put, we are ‘better together’,” AngioScore president & CEO Thomas Trotter added. “We believe that this combination provides an opportunity to build a remarkable future while delivering life-impacting technologies to physicians and patients. In Spectranetics, we find a like-minded partner that shares our values, our commitment to improving patients’ lives, and equally high standards for operational excellence and quality.”

Together the companies accounted for pro forma revenues of $213.5 million in 2013, and Spectranetics expects the acquisition to be accretive to adjusted earnings starting in 2015.

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