Wright Medical greenshoe lifts 2.625% convertibles to $200 million

By Devika Patel

Knoxville, Tenn., Dec. 10 - Underwriters for Wright Medical Group, Inc.'s 2.625% convertible senior notes due Dec. 1, 2014 exercised their over-allotment option in full for $25 million, increasing the size of the issue to $200 million, the company said in a press release.

As previously reported, the company originally priced $175 million of the convertibles on Nov. 19 at par with an initial conversion premium of 25%. The notes have a conversion price of $32.65 and a conversion ratio of 30.6279.

The convertibles have a soft call subject to a 140% hurdle beginning Dec. 6, 2011. They also have fundamental change protection.

JPMorgan is the bookrunner of the registered transaction. Piper Jaffray & Co. and Wachovia Capital Markets, LLC are co-managers.

The company plans to use the proceeds for general corporate purposes.

Wright Medical is an Arlington, Tenn.-based orthopedic and medical products producer that focuses on reconstructive joint devices.

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