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ConMed issues $345mm of its convertible senior notes

Executive Summary

ConMed Corp. (minimally invasive surgical devices) grossed $345mm (including the overallotment) through the issuance to private investors of 2.625% senior notes due 2024. The notes convert to common at 11.2608 shares per $1k principal amount, or $88.80 per share. (The company's stock averaged $65.31 at the time of placement.) ConMed will use about $18mm of the proceeds to pay the cost of certain convertible note hedge transactions, and will also put the funds towards its upcoming acquisition of Buffalo Filter (surgical smoke evacuation systems).
Deal Industry
  • Medical Devices
    • Monitoring Equipment & Devices
    • Surgical Equipment & Devices
      • Minimally or Less Invasive
Deal Status
  • Final
Deal Type
  • Financing
    • Private Placement
    • Convertible Debt

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