Impinj upsizes six-year convertibles to $250, tightens talk to 1%-1.25%, up 42.5%

By Abigail W. Adams

Portland, Me., Nov. 2 – Impinj Inc. upsized its offering of six-year convertible notes to $250 million from $225 million and tightened talk to a coupon of 1% to 1.25% and a fixed initial conversion premium of 42.5%, according to a market source.

Initial talk was for a coupon of 1.25% to 1.75% and an initial conversion premium of 37.5% to 42.5%, according to a market source.

The deal was slated to price after the market close on Tuesday.

Goldman Sachs & Co. LLC and Jefferies LLC are bookrunners for the Rule 144A deal, which carries an upsized greenshoe of $37.5 million, from $33.75 million.

The notes are non-callable for three years and then subject to a 130% hurdle.

The convertibles will be settled in cash, shares or a combination of both at the company’s option.

Concurrently, the company will repurchase for cash a portion of its 2% convertible notes due 2026.

Proceeds will be used to fund the repurchase and for general corporate purposes.

Impinj is a Seattle-based manufacturer of radio frequency identification devices and software.

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