MERIT MEDICAL SYSTEMS INC (MMSI): debt financing — Merit Medical closes $747.5M convertible note offering at 3.00%, due 2029

MERIT MEDICAL SYSTEMS INC

Issued $747.5M aggregate principal of 3.00% Convertible Senior Notes due February 1, 2029.
Net proceeds estimated at $725.1M after discounts; capped call cost ~$66.5M.
Initial conversion price ~$86.83 per share; conversion rate 11.5171 shares per $1,000 principal.
Proceeds intended for general corporate purposes including debt reduction, R&D, and potential M&A.
Capped call transactions entered to reduce dilution upon conversion, with cap price ~$114.68.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MERIT MEDICAL SYSTEMS INC incurred convertible notes of $747.5 million with U.S. Bank Trust Company, National Association at 3.00% maturing February 1, 2029.

Instrument: convertible notes
Principal: $747.5 million
Counterparty: U.S. Bank Trust Company, National Association
Rate: 3.00%
Maturity: February 1, 2029
Event: incurrence

Exact text from the filing

On December 8, 2023, Merit Medical Systems, Inc. (“Merit”) closed an offering of $747.5 million aggregate principal amount of its 3.00% Convertible Senior Notes due 2029

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MERIT MEDICAL SYSTEMS INC entered into Base Capped Call Transactions with certain of the initial purchasers and/or their respective affiliates and certain other financial institutions (effective 2023-12-05).

Action: entry
Counterparty: certain of the initial purchasers and/or their respective affiliates and certain other financial institutions
Effective: 2023-12-05

Exact text from the filing

On December 5, 2023, in connection with the pricing of the Notes, Merit entered into privately negotiated capped call transactions (the “Base Capped Call Transactions”) with certain of the initial purchasers and/or their respective affiliates and certain other financial institutions (the “Option Counterparties”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MERIT MEDICAL SYSTEMS INC entered into Indenture with U.S. Bank Trust Company, National Association valued at $747.5 million aggregate principal amount (effective 2023-12-08).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $747.5 million aggregate principal amount
Effective: 2023-12-08

Exact text from the filing

On December 8, 2023, Merit Medical Systems, Inc. (“Merit”) closed an offering of $747.5 million aggregate principal amount of its 3.00% Convertible Senior Notes due 2029 (the “Notes”).

View on SEC.gov

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MERIT MEDICAL SYSTEMS INC filing history →

Source: SEC EDGAR

accession 0000856982-23-000066

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