LivaNova talks $300 million five-year convertible notes to yield 2.25%-2.75%, up 27.5%-32.5%

By Abigail W. Adams

Portland, Me., March 4 – LivaNova plc plans to price $300 million of five-year convertible notes after the market close on Tuesday with price talk for a coupon of 2.25% to 2.75% and an initial conversion premium of 27.5% to 32.5%, according to a market source.

Goldman Sachs & Co. LLC, Barclays and BofA Securities Inc. are bookrunners for the Rule 144A offering, which carries a greenshoe of $45 million.

The notes are non-callable until March 22, 2027 and then subject to a 130% hurdle.

They are putable upon a fundamental change.

The notes will be settled in cash up to the principal amount with any remaining amounts to 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.

LivaNova subsidiary LivaNova USA Inc. plans to repurchase for cash a portion of the outstanding 3% cash exchangeable senior notes due 2025 in privately negotiated transactions.

Proceeds will be used to cover the cost of the call spread, to fund the repurchase of the 3% exchangeable notes due 2025 and for general corporate purposes.

LivaNova is a London-based medical technology company.

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