Integra greenshoe fully exercised, bringing convertibles to $330 million

By Susanna Moon

Chicago, June 11 - Integra LifeSciences Holdings Corp. raised an additional $30 million of convertible notes, bringing the total to $165 million in senior convertible notes due 2010 and $165 million of senior convertible notes due 2012, according to a press release.

Buyers exercised in full an over-allotment option to buy another $15 million of each series of notes.

On June 5, Integra priced the $300 million of securities in two equal-sized tranches, with a greenshoe of $15 million on each piece. Before that, the deal had been planned at $250 million with an over-allotment option for $25 million per tranche.

The notes are convertible into common shares at a rate of 15.0917 shares per $1,000 of 2010 notes and at a rate of 15.3935 shares per $1,000 of 2012 notes.

The conversion price is $66.26 per share for 2010 notes and $64.96 per share for 2012 notes, representing respectively a 27.5% conversion premium and 25% premium.

The stock closed at $51.97 per share June 5.

The notes were sold to Rule 144A investors.

The company plans to use proceeds to buy back stock, to repay debt and for general corporate purposes.

Integra is a regenerative medicine company based in Plainsboro, N.J.

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