Trinity Biotech greenshoe lifts 30-year exchangeables to $115 million

By Tali Rackner

Norfolk, Va., April 9 – Trinity Biotech Investment Ltd., a wholly owned subsidiary of Trinity Biotech plc, said underwriters for its 30-year exchangeable senior notes exercised their over-allotment option in full, adding an additional $15 million, according to a filing with the London Stock Exchange.

The company priced $100 million of the notes on April 2.

As previously reported, the Rule 144A deal was sold via bookrunner Raymond James & Associates Inc. and had 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.

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