Impinj greenshoe ups 1.125% six-year convertibles to $287.5 million

By Wendy Van Sickle

Columbus, Ohio, Nov. 5 – Underwriters for Impinj Inc.’s 1.125% six-year convertible notes fully exercised their $37.5 million greenshoe on Thursday, increasing the total size of the deal to $287.5 million, according to a company news release.

The company priced an upsized $250 million of the convertibles after the market close on Tuesday at par with an initial conversion premium of 42.5%, as previously reported.

Pricing came at the midpoint of tightened talk for a coupon of 1% to 1.25% and in line with talk for 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.

Goldman Sachs & Co. LLC and Jefferies LLC were bookrunners for the Rule 144A deal.

The initial size of the offering was $225 million with a greenshoe of $33.75 million.

The notes are non-callable until Nov. 20, 2024 and then subject to a 130% hurdle.

They are putable upon a fundamental change.

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

Concurrently, the company repurchased $76.4 million of the principal amount of its 2% convertible notes due 2026 for $184.2 million in cash.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.