By Ronda Fears
Nashville, March 26 - Integra Lifesciences Holding Corp. sold $100 million of five-year convertibles at par to yield 2.5% with a 44.89% initial conversion premium via sole lead manager Credit Suisse First Boston.
The Rule 144A deal, which was launched and priced before the market opened, was priced at the cheap end of yield talk for a coupon of 2.0% to 2.5%. It sold cheaper than premium guidance of 45% to 50%.
Plainsboro, N.J.-based Integra said it planned to use proceeds for general corporate purposes, including $35.3 million toward stock repurchases, and new product development.
Terms of the deal are:
Issuer: Integra Lifesciences Holding Corp.
| Issue: | Convertible subordinated notes
|
| Lead manager: | Credit Suisse First Boston
|
| Amount | $100 million
|
| Greenshoe: | $20 million
|
| Maturity: | 2008
|
| Coupon: | 2.5%
|
| Price: | Par
|
| Yield: | 2.5%
|
| Conversion premium: | 44.89%
|
| Conversion price: | $34.15
|
| Conversion ratio: | 29.28
|
| Contingent conversion: | 110% trigger
|
| Call: | Non-callable
|
| Settlement: | March 29
|
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