By Rebecca Melvin
New York, April 2 – Trinity Biotech Investment Ltd., a wholly owned subsidiary of Trinity Biotech plc, priced $100 million of 30-year exchangeable senior notes ahead of the market open on Thursday to yield 4% with an initial conversion premium of 15%, according to a news release.
The Rule 144A deal was sold via bookrunner Raymond James & Associates Inc. and has a $15 million greenshoe.
The exchangeables are non-callable until April 1, 2020 and then are provisionally callable for two years if the share price exceeds 130% of the conversion price. After April 1, 2022, the bonds are freely callable.
For bonds redeemed prior to April 1, 2022, there is a make-whole premium for unpaid interest.
Holders may put the bonds on April 1 of years 2022, 2025, 2030, 2035 or 2040.
Net proceeds are expected to be used for potential acquisitions and for general corporate purposes, which may include continued product development and commercialization.
Dublin-based Trinity Biotech makes and markets diagnostic reagents and instruments.
| Issuer: | Trinity Biotech Investment Ltd.
|
| Guarantor: | Trinity Biotech plc
|
| Issue: | Exchangeable senior notes
|
| Amount: | $100 million
|
| Greenshoe: | $15 million
|
| Maturity: | April 1, 2045
|
| Bookrunners: | Raymond James & Associates Inc.
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Exchange premium: | 15%
|
| Exchange price: | $22.15
|
| Initial exchange ratio: | 45.1488 shares
|
| Calls: | Non-callable until April 1, 2020, then provisionally callable for two years at 130% price hurdle
|
| Puts: | April 1 of years 2022, 2025, 2030, 2035 and 2040
|
| Make-whole premium: | Yes, paid for interest on bonds redeemed before April 1, 2022
|
| Pricing date: | April 2
|
| Settlement date: | April 9
|
| Distribution: | Rule 144A
|
| Stock symbol: | Nasdaq: ADS: TRIB
|
| Stock reference price: | $19.26 at close April 1
|
| Market capitalization: | $401.37 million
|
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