- OSI Techniques (NASDAQ:OSIS) priced and upsized its $275 million debt providing beforehand introduced to $300 million of two.25% convertible senior notes due in 2029.
- The preliminary purchasers had been granted the choice to buy as much as an extra $50 million principal quantity of notes.
- The supply is anticipated to choose July 19.
- The senior notes will accrue curiosity at a fee of two.25% each year, payable semi-annually in arrears on February 1 and August 1 of every 12 months, starting on February 1, 2025.
- The notes will mature on August 1, 2029.
- The preliminary conversion fee is 5.2090 shares of widespread inventory per $1,000 principal quantity of notes, which represents an preliminary conversion value of roughly $191.98 per share of widespread inventory and a premium of roughly 27.5% over the past reported sale value of OSI’s widespread inventory as of July 16, 2024.
- OSI estimates that the online proceeds from the providing will probably be roughly $291.8 million, and it’s anticipated to make use of roughly $80.0 million of the online proceeds from the providing to repurchase 531,314 shares of its widespread inventory in privately negotiated transactions, and the rest of the online proceeds from the providing to repay a portion of the revolving credit score facility excellent, pay associated charges and bills, and for different basic company functions.
