Enovis CORP (ENOV): debt financing — Enovis issues $460M 3.875% convertible notes due 2028; net proceeds ~$445.1M for LimaCorporate acquisition

Enovis CORP

$460M 3.875% convertible notes due Oct 2028 issued; net proceeds ~$445.1M after fees.
~$62M of net proceeds used for capped call transactions to reduce dilution upon conversion.
Remaining proceeds plus $400M term loan and cash will fund LimaCorporate acquisition announced Sep 25, 2023.
Credit agreement amended to add $400M secured term loan facility maturing Apr 2027 with senior secured leverage covenant.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Enovis CORP incurred convertible notes of $460 million with UBS Securities LLC and J.P. Morgan Securities LLC at 3.875% per year maturing October 15, 2028.

Instrument: convertible notes
Principal: $460 million
Counterparty: UBS Securities LLC and J.P. Morgan Securities LLC
Rate: 3.875% per year
Maturity: October 15, 2028
Event: incurrence

Exact text from the filing

On October 24, 2023, Enovis Corporation, a Delaware corporation (the “Company”) sold to UBS Securities LLC and J.P. Morgan Securities LLC, as representatives (the “Representatives”) of the several initial purchasers (the “Initial Purchasers”), and the Initial Purchasers purchased from the Company, $460 million aggregate principal amount of the Company’s 3.875% Convertible Senior Notes due 2028

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

Enovis CORP entered into Indenture with U.S. Bank Trust Company, National Association valued at $460 million (effective 2023-10-24).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $460 million
Effective: 2023-10-24

Exact text from the filing

the Company entered into an Indenture, dated October 24, 2023 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

Enovis CORP amended Amendment No. 1.

Action: amendment
Agreement: credit facility

Exact text from the filing

Amendment No. 1 (the “Amendment”) to the credit agreement, dated as of April 4, 2022 (as amended by the Amendment, the “Credit Agreement”), by and among, amongst others, the Company, as the lead borrower, certain U.S. subsidiaries of the Company identified therein, as guarantors, each of the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent

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10 debt financings filed in the last 30 days. Browse all debt financings →

Enovis CORP filing history →

Source: SEC EDGAR

accession 0001193125-23-262988

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