Enovis talks $400 million five-year convertible notes to yield 3.625%-4.125%, up 27.5%-32.5%

By Abigail W. Adams

Portland, Me., Oct. 19 – Enovis Corp. plans to price $400 million of five-year convertible notes after the market close on Thursday with price talk for a coupon of 3.625% to 4.125% and an initial conversion premium of 27.5% to 32.5%, according to a market source.

UBS Securities LLC and J.P. Morgan Securities LLC are bookrunners for the Rule 144A offering, which carries a greenshoe of $60 million.

The notes are non-callable. They will be settled in cash up to the principal amount with any remaining to be covered in cash, shares or a combination of both.

The notes will be redeemed at 101 plus accrued interest if the company’s acquisition of LimaCorporate SpA is not consummated by June 30, 2024.

In connection with the offering, the company will enter into capped call transactions.

Proceeds will be used to cover the call spread with the remaining amount, together with borrowings under a new term loan and cash on hand, to be used to fund the cash purchase price of the acquisition of LimaCorporate.

Enovis is a Wilmington, Del.-based medical technology company.

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