Senseonics to price $80 million of 5.25% convertible notes due 2025

By Abigail W. Adams

Portland, Me., July 16 – Senseonics Holdings Inc. plans to price $80 million of six-year convertible notes with a coupon of 5.25%, according to a company news release.

Jefferies & Co. is the bookrunner for the Rule 144A offering, according to a market source.

The company is also seeking consent from holders of the 5.25% convertible notes due 2023 to eliminate a covenant restricting the incurrence of additional debt.

The pricing of the new offering is contingent on the amendment eliminating the covenant.

The company will pay a consent fee equal to 0.5% of the principal amount of the 2023 notes if the amendment is adopted.

The consent solicitation will expire on July 31.

The company plans to price a concurrent offering of $25 million of common stock.

The closing of the convertible notes offering is contingent upon the completion of the common stock offering, according to the news release.

Net proceeds will be used to repurchase approximately $29 million of the principal amount of the 5.25% convertible notes due 2023.

Senseonics Holdings is a Germantown, Md.-based medical technology company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.