Teleflex to exchange $219.2 million 3.875% convertibles for cash, stock

By Marisa Wong

Morgantown, W.Va., March 17 – Teleflex Inc. said it has entered into separate, privately negotiated exchange agreements with some holders of its 3.875% convertible senior subordinated notes due 2017.

Teleflex has agreed to exchange $219.2 million principal amount of the notes for (i) cash in an amount equal to $1,000 per $1,000 note, (ii) a number of shares of Teleflex common stock equal to the amount of the conversion value in excess of the principal amount calculated over an averaging period, (iii) inducement payments to be paid in Teleflex shares and (iv) cash in an amount equal to accrued interest.

Teleflex intends to fund the exchange using borrowings under its revolving credit agreement.

Following the exchanges, which are expected to close on April 4, $136.2 million of the notes will remain outstanding.

Teleflex is a Wayne, Pa.-based medical technology company.

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