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Spectranetics Announces Pricing Of $200 Million Convertible Senior Notes Offering

Stocks in this article: SPNC

COLORADO SPRINGS, Colo., May 29, 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 the pricing of its offering of $200 million aggregate principal amount of its 2.625% convertible senior notes due 2034 (the "notes") in an underwritten public offering. Spectranetics has granted the underwriter of the notes a 30-day option to purchase up to an additional $30 million aggregate principal amount of the notes. The offering is expected to close on or around June 3, 2014, subject to satisfaction of customary closing conditions.

The notes will accrue interest at a fixed rate of 2.625% per year, payable semi-annually in arrears on June 1 and December 1 of each year, commencing December 1, 2014. The Notes will mature on June 1, 2034, unless earlier converted, redeemed or repurchased.

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. The conversion rate will initially be 31.9020 shares of common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $31.35 per share of common stock).

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 net proceeds from this offering for research and development, commercialization of its products, working capital and other general corporate purposes, which may include future acquisitions.

Piper Jaffray & Co. is serving as sole underwriter for the offering. Spectranetics is offering 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 preliminary prospectus supplement and the accompanying prospectus describing the terms of the offering was filed with the Securities and Exchange Commission and is available on the Securities and Exchange Commission's website at http://www.sec.gov. Copies of the 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.

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. 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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