Senseonics to price over $40 million in five-year convertible notes

By Abigail W. Adams

Portland, Me., Jan. 25 – Senseonics Holdings, Inc. plans to price over $40 million in five-year convertible notes prior to the market open on Friday, according to a market source.

BTIG, LLC is the sole bookrunner for the registered deal, which carries a greenshoe of 15%.

There are no calls. There is takeover protection.

Holders who convert their notes on or after six months from the original issuance and prior to Feb. 1, 2021, may be entitled to an interest make-whole payment, according to the preliminary prospectus.

Proceeds will be used for the commercialization of Eversense, an implantable glucose monitoring system for people with diabetes, in the United States and for general corporate purposes.

Senseonics released preliminary fourth-quarter and year-end reports concurrently with the offering. Year-end revenue is expected to be $6.4 million, compared to $0.3 million in 2016.

The indenture governing the notes limits the ability of Senseonics or subsidiaries to incur more than $35 million in additional debt, except for permitted debt.

Senseonics is a Germantown, Md.-based medical technology company focused on glucose monitoring products for diabetes.

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