LeMaitre Vascular announced the pricing of its private offering of $150,000,000 aggregate principal amount of 2.50% Convertible Senior Notes due 2030. The notes are senior, unsecured obligations of the company and will accrue interest payable semi-annually, maturing on February 1, 2030. The issuance and sale of these notes are scheduled to settle on December 19, 2024, subject to customary closing conditions.
The initial conversion rate for the notes is set at 8.3521 shares of common stock per $1,000 principal amount, which translates to an initial conversion price of approximately $119.73 per share. This conversion price represents a premium of approximately 30% over LeMaitre's common stock closing price of $92.10 on December 16, 2024. The company also granted the initial purchasers an option to acquire up to an additional $22,500,000 aggregate principal amount of notes.
LeMaitre Vascular estimates that the net proceeds from this offering will be approximately $145.9 million, or approximately $167.8 million if the initial purchasers fully exercise their option to purchase additional notes. The company intends to allocate these net proceeds towards working capital and other general corporate purposes, which may include acquisitions of or investments in complementary companies, product lines, products, or technologies. This capital infusion provides significant strategic optionality for the company's future growth.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.