Envista Holdings Corp (NVST): debt financing — Envista issues $500M 1.75% convertible notes due 2028, exchanges $401M existing notes

Envista Holdings Corp

Issued $500.25M in 1.75% Convertible Senior Notes due August 2028; initial conversion rate 21.5942 shares per $1,000 principal (~$46.31/share).
Exchanged $401.2M of existing 2.375% Convertible Notes due 2025 for $403M cash plus 8.4M common shares in privately negotiated deals.
New notes are senior unsecured; redemption option after Aug 2026 if stock exceeds 130% of conversion price.
Overall refinancing reduces interest cost from 2.375% to 1.75% and extends maturity from 2025 to 2028.

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

Envista Holdings Corp incurred convertible notes of $500,250,000 in aggregate principal amount with Wilmington Trust, National Association at 1.75% per annum maturing August 15, 2028.

Instrument: convertible notes
Principal: $500,250,000 in aggregate principal amount
Counterparty: Wilmington Trust, National Association
Rate: 1.75% per annum
Maturity: August 15, 2028
Event: incurrence

Exact text from the filing

On August 10, 2023, Envista Holdings Corporation (the “ Company ”) issued $500,250,000 in aggregate principal amount of its 1.75% Convertible Senior Notes due 2028 (the “ Notes ”).

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

Envista Holdings Corp entered into Indenture with Wilmington Trust, National Association valued at $500,250,000 in aggregate principal amount of its 1.75% Convertible Senior Notes due 2028 (effective 2023-08-10).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Value: $500,250,000 in aggregate principal amount of its 1.75% Convertible Senior Notes due 2028
Effective: 2023-08-10

Exact text from the filing

On August 10, 2023, Envista Holdings Corporation (the “ Company ”) issued $500,250,000 in aggregate principal amount of its 1.75% Convertible Senior Notes due 2028 (the “ Notes ”). The Notes were issued pursuant to, and are governed by, an indenture (the “ Indenture ”), dated as of August 10, 2023, between the Company and Wilmington Trust, National Association, as trustee (the “ Trustee ”).

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Envista Holdings Corp filing history →

Source: SEC EDGAR

accession 0001193125-23-210713

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