LivaNova prices $300M 2.5% convertible notes due 2029; plans to repurchase $230M of 3% exchangeable notes

LivaNova PLC

Priced $300M aggregate principal of 2.50% convertible senior notes due 2029; initial purchasers may buy up to $45M more.
Net proceeds estimated at ~$289.3M ($333M if over-allotment exercised); use includes repurchasing $230M of existing 3% notes.
Initial conversion price $69.40/share, a 32.5% premium to LIVN's $52.38 close on March 5, 2024.
Entered capped call transactions with cap price $94.284/share to offset dilution upon conversion.
Plans to repurchase $230M of 3.00% Cash Exchangeable Senior Notes due 2025 for $270.5M cash (incl. interest).

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