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Spectranetics Announces Proposed $200 Million Convertible Senior Notes Offering

Stocks in this article: SPNC

COLORADO SPRINGS, Colo., May 27, 2014 (GLOBE NEWSWIRE) -- The Spectranetics Corporation (Nasdaq:SPNC), a developer and manufacturer of single-use medical devices used in minimally invasive procedures within the cardiovascular system, today announced that it intends to offer, subject to market conditions and other factors, $200 million aggregate principal amount of its convertible senior notes due 2034 (the "notes") in an underwritten public offering. Spectranetics also expects to grant the underwriter of the notes a 30-day option to purchase up to an additional $30 million aggregate principal amount of the notes.

Spectranetics intends to use the net proceeds from this offering to fund the proposed acquisition of AngioScore Inc. The closing of the AngioScore acquisition is not a condition to the completion of this offering. If the acquisition is terminated or does not occur for any reason, Spectranetics intends to use the proceeds of this offering for research and development, commercialization of its products, working capital and other general corporate purposes, which may include future acquisitions.

The notes will be convertible into shares of Spectranetics' common stock at the option of the holders at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Final terms of the notes, including the interest rate, initial conversion rate, redemption provisions and other terms will be determined by negotiations between Spectranetics and the underwriters of the notes.

Spectranetics intends to offer and sell these securities pursuant to a shelf registration statement filed with the Securities and Exchange Commission on May 27, 2014, which became effective upon filing. A prospectus supplement describing the terms of the offering will be filed with the Securities and Exchange Commission and will form a part of the effective registration statement. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, from Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402 or by telephone at 800-747-3924 or by email at prospectus@pjc.com. An electronic copy of the preliminary prospectus supplement and accompanying prospectus relating to the offering is available on the website of the Securities and Exchange Commission at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of offers to buy any securities of Spectranetics, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This release may contain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed offering of notes, the intended use of proceeds of the notes offering and Spectranetics' proposed acquisition of AngioScore Inc. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "will," "intends," "potential," "possible" and similar expressions are intended to identify forward-looking statements. These forward-looking statements include our expectations regarding the proposed acquisition of AngioScore, the proposed offering and the use of proceeds from such offering.

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