LivaNova talks $250 million long five-year exchangeable notes to yield 2.5%-3%, up 30%-35%

By Abigail W. Adams

Portland, Me., June 11 – LivaNova plc plans to price $250 million of long five-year exchangeable notes after the market close on Thursday with price talk for a coupon of 2.5% to 3% and an initial exchange premium of 30% to 35%, according to a market source.

The notes will be issued by LivaNova USA Inc. and exchangeable for LivaNova plc shares.

Barclays, BofA Securities Inc., and Goldman Sachs & Co. LLC are joint bookrunners for the Rule 144A offering, which carries a greenshoe of $37.5 million.

The notes are non-callable until June 20, 2023 and then subject to a 130% hurdle.

In connection with the pricing of the notes, the company will enter into capped call transactions.

Proceeds will be used to cover the cost of the call spread, to repay outstanding amounts under its existing credit facilities and for general corporate purposes.

LivaNova is a London-based medical device manufacturer.

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