NuVasive buys back $118.7 million of 2.25% convertibles in past week

By Susanna Moon

Chicago, Aug. 15 - NuVasive, Inc. paid about $119 million to repurchase its 2.25% convertible senior notes due March 2013 between Aug. 9 and Aug. 12 in private transactions, according to an 8-K filing with the Securities and Exchange Commission.

The company bought back $96.1 million of the convertibles on Aug. 9, $16.4 million of the notes on Aug. 10 and $6.2 million of the notes on Aug. 12.

The $119 million total purchase price represents a price of about 99.4% of the principal amount plus accrued interest, according to a company press release.

Funding for the repurchases came from the company's recently completed offering of $402.5 million principal amount of 2.75% convertible senior notes due 2017.

As of Aug. 12, there was about $111.3 million principal amount of the original $230 million issue outstanding.

The company announced the planned buyback on June 21.

NuVasive is a medical device company based in San Diego focused on developing minimally disruptive products and procedures for the spine.

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