Convertibles Calendar: NuVasive, Insulet to price

JUNE 22

NUVASIVE INC. (Nasdaq: NUVA): $325 million six-year convertible senior notes; talked at 2.5%-3%, up 27.5%- 32.5%; joint bookrunners Bank of America Merrill Lynch and Goldman Sachs & Co.; seen pricing Wednesday after the market close; $48.75 million greenshoe; registered; non-callable for life, no puts; contingent conversion at 130%; conversion settlement will be cash settled until stockholders approve an increase of authorized shares, then settlement will be in cash, stock or a combination; full dividend protection and change-of-control protection; proceeds for general corporate purposes and to repurchase $230 million of existing 2.25% convertible senior notes due 2013; the company may also consider possible strategic acquisitions or investments; concurrent convertible note hedge and warrant transactions; San Diego-based medical device company focused on developing products for minimally disruptive surgical treatments for the spine.

INSULET CORP. (Nasdaq: PODD): $110 million of five-year convertible notes; to yield 3.5%-4%, up 30%-35%; together with $25 million offering of secondary stock; after the market close Wednesday; registered, off the shelf; $16.5 million greenshoe; via J.P. Morgan Securities LLC; contingent conversion subject to 130% price hurdle; proceeds for general corporate purposes, including possible repurchase of existing debt that matures June 2013; Bedford, Mass.-based medical device maker.

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