The Amsterdam-based company is offering 1.625% convertible senior notes due 2023 in the offering, which was arranged between Wright, a subsidiary and both investors and institutional buyers, according to an SEC filing. Wright Medical said that it expects the notes will be issued on June 28.
Along with the offering, Wright Medical said it inked a deal with holders of its 2% cash convertible senior notes due 2020 to exchange approximately $401 million in existing notes for $460 million in the newly issued notes, offering $1,146.10 in principal amount of notes for each $1,000 principal amount of existing notes.
Wright Medical is also offering a privately negotiated cash convertible note hedge transaction, according to the SEC filing.
The company said it expects to receive net proceeds of approximately $200 million, of which $39 million will be used to pay the cost of the cash convertible hedge transactions with the remaining $161 million slated for general corporate purposes, possibly including repurchasing outstanding debt, according to an SEC filing.
Earlier this month, Wright Medical said it won FDA premarket approval for its Augment injectable bone graft.
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