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Endologix Announces Pricing Of $75 Million Of Convertible Notes

IRVINE, Calif., Dec. 5, 2013 (GLOBE NEWSWIRE) -- Endologix, Inc. (Nasdaq:ELGX) ("Endologix" or the "Company") today announced the pricing of its public offering of $75 million aggregate principal amount of convertible senior notes due 2018 (the "Convertible Notes") in an offering registered under the Securities Act of 1933, as amended. The Company granted an option to the underwriters for up to an additional $11.25 million aggregate principal amount of Convertible Notes solely to cover overallotments. The Convertible Notes will pay interest semiannually at a rate of 2.25% and will be convertible into shares of the Company's common stock ("Common Stock"), cash or a combination of cash and shares of the Company's Common Stock, at the Company's election, based on the applicable conversion rate at such time. The Convertible Notes have an initial conversion rate of 41.6051 shares of the Company's Common Stock per $1,000 principal amount of the Convertible Notes (which is equal to an initial conversion price of approximately $24.04 per share of the Company's Common Stock), representing an initial conversion premium of approximately 32.5% above the closing price of $18.14 per share of the Company's Common Stock on December 4, 2013. The Convertible Notes will mature on December 15, 2018, unless repurchased, redeemed or converted in accordance with their terms prior to such date. Prior to September 15, 2018, the Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the second scheduled trading day immediately preceding the maturity date. On or after December 15, 2016, the Company may from time to time redeem for cash all or part of the Convertible Notes in certain circumstances. The Company expects to close the sale of the Convertible Notes on or about December 10, 2013, subject to the satisfaction of various customary closing conditions.

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