Trinity Biotech enters into exchange agreements for $99.7 million of notes

Chicago, Dec. 15 – Trinity Biotech plc entered into exchange agreements with five institutional investors that hold around $99.7 million of the outstanding exchangeable notes that were issued by wholly owned subsidiary Trinity Biotech Investment Ltd., according to a press release.

Each holder has agreed to exchange their notes at a discount to par, at 87, and will also receive the equivalent of $0.08 of the company’s American Depositary Shares, based on the five-day trailing VWAP of the ADSs on Nasdaq on Dec. 9 and discounted by 13%.

Effectively, the exchange results in an effective discount of around 4%.

Shareholders of the company need to approve the issuance of the American Depositary Shares at a meeting in January 2022.

The exchangeable notes were puttable by the company, at par, in April 2022.

The exchange and the borrowing of a new $81.25 million term loan in a private placement will improve the company’s capital structure by reducing gross debt by approximately $19 million with the company having no material debt maturities for the next four years.

Dublin-based Trinity Biotech makes and markets diagnostic reagents and instruments.

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