TransMedics talks $300 million five-year convertible notes to yield 1.75%-2.25%, up 27.5%-32.5%

By Abigail W. Adams

Portland, Me., May 8 – TransMedics Group Inc. plans to price $300 million of five-year convertible notes after the market close on Monday with price talk for a coupon of 1.75% to 2.25% and an initial conversion premium of 27.5% to 32.5%, according to a market source.

Morgan Stanley & Co. LLC (lead left) and J.P. Morgan Securities LLC are bookrunners for the Rule 144A offering, which carries a greenshoe of $45 million.

The notes are non-callable until June 8, 2026 and then subject to a 130% hurdle.

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, to expand its logistics network through partnerships and acquisitions and for general corporate purposes.

TransMedics is an Andover, Mass.-based medical technology company.

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