Haemonetics greenshoe exercised, ups convertibles to $500 million

Chicago, March 16 – The initial purchasers of Haemonetics Corp.’s 0% five-year convertible notes exercised their option to purchase an additional $65 million of the bonds, bringing the total issue size up to $500 million, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, Haemonetics originally sold $435 million of the notes on March 2 at par with an initial conversion premium of 40%.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Securities Inc. and U.S. Bancorp Investments Inc. were joint bookrunners for the upsized Rule 144A offering.

The notes are non-callable until March 5, 2024 and then subject to a 130% hurdle.

There is dividend and takeover protection.

In connection with the offering, the company will enter into capped call transactions. The cap price of the capped call transaction will initially be $250.48 per share.

Proceeds will be used to cover the cost of the call spread, to reduce the amount of debt under the company’s corporate credit facility and for general corporate purposes.

Haemonetics is a Boston-based provider of blood and plasma supplies and services.

Abigail W. Adams contributed to this story.

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