This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Spectranetics Announces Closing Of $230 Million Convertible Senior Notes Offering

COLORADO SPRINGS, Colo., June 3, 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 closing of its previously-announced offering of $230 million aggregate principal amount of its 2.625% convertible senior notes due 2034 (the "notes") in an underwritten public offering, which includes the full exercise by the underwriter of its option to purchase an additional $30 million principal amount of the notes.

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).

Net proceeds from the sale of the notes, after deducting fees and estimated expenses, are estimated to be approximately $222.6 million. Spectranetics intends to use the net proceeds from this offering to fund the acquisition of AngioScore Inc. If the AngioScore acquisition is terminated or does not occur for any other 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. served as sole underwriter for the offering. Spectranetics offered 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 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 also may be obtained 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 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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs