Impinj talks $75 million seven-year convertible notes at 1.5%-2%, up 27.5%-32.5%

By Abigail W. Adams

Portland, Me., Dec. 10 – Impinj Inc. plans to price $75 million of seven-year convertible notes after the market close on Wednesday with price talk for a coupon of 1.5% to 2% and an initial conversion premium of 27.5% to 32.5%, according to a market source.

Goldman Sachs & Co. LLC is the bookrunner for the Rule 144A offering, which carries a greenshoe of $11.25 million.

The notes are non-callable until Dec. 20, 2023 and then subject to a 130% hurdle. There is dividend and takeover protection.

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

In connection with the offering, the company will enter into capped call transactions.

Proceeds will be used to cover the cost of the call spread, approximately $24 million will be used to terminate its senior credit facility with the remaining amount to be used for general corporate purposes.

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

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