By Abigail W. Adams
Portland, Me., Jan. 26 – Senseonics Holdings, Inc. priced $50 million in five-year convertible notes prior to the market open on Friday with a coupon of 5.25% and an initial conversion premium of approximately 6.3%.
BTIG, LLC is the sole bookrunner for the registered deal, which carries a greenshoe of $7.5 million.
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 term sheet.
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.
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, according to the preliminary prospectus.
Senseonics is a Germantown, Md.-based medical technology company focused on glucose monitoring products for diabetes.
| Issuer: | Senseonics Holdings, Inc.
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| Issue: | Convertible senior subordinated notes
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| Amount: | $50 million
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| Greenshoe: | $7.5 million
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| Maturity: | Feb. 1, 2023
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| Coupon: | 5.25%
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| Price: | Par
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| Initial conversion premium: | 6.3%
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| Conversion price: | $3.40
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| Conversion rate: | 294.1176
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| Call: | None
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| Put: | Upon a fundamental change
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| Bookrunner: | BTIG, LLC
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| Pricing date: | Jan. 26
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| Settlement: | Jan. 30
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| Distribution: | Registered
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| Stock symbol: | NYSE American: SENS
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| Stock price: | $3.20 at market close Jan. 25
|
| Market capitalization: | $437.61 million
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