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NuVasive to buy back up to $230 million of 2.25% convertibles due 2013
By Toni Weeks
San Diego, June 21 - NuVasive, Inc. intends to use the proceeds of its planned offering of $325 million convertible senior notes due 2017 to repurchase up to $230 million of its 2.25% convertible senior notes due March 2013 and for general corporate purposes, according to a press release.
The company said it may consider possible acquisitions of or investments in companies, technologies, products or assets.
In addition, NuVasive may use a portion of the proceeds to pay for the cost of convertible note hedge transactions that it intends to enter into with one or more of the underwriters or their affiliates. The purpose of the hedge transactions is to reduce the company's exposure to potential cash payments and/or the dilution experienced by NuVasive's stockholders upon any conversion of the notes.
NuVasive, based in San Diego, is a medical device company focused on developing minimally disruptive products and procedures for the spine.
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