LeMaitre Vascular Announces Proposed Convertible Senior Notes Offering
LeMaitre Vascular (LMAT) announced plans to offer $150 million in Convertible Senior Notes due 2030, with an additional $22.5 million option for initial purchasers. The notes will be senior, unsecured obligations with semi-annual interest payments, convertible into cash, LMAT common stock, or a combination at LeMaitre's discretion.
The notes will be redeemable after February 5, 2028, if LMAT's stock price exceeds 130% of the conversion price. Noteholders can require LeMaitre to repurchase notes if fundamental changes occur. The company plans to use proceeds for working capital and general purposes, including potential acquisitions. The offering is to qualified institutional buyers under Rule 144A.
LeMaitre Vascular (LMAT) ha annunciato piani per offrire 150 milioni di dollari in Note Convertibili Senior con scadenza nel 2030, con un'opzione aggiuntiva di 22,5 milioni di dollari per i compratori iniziali. Le note saranno obbligazioni senior, non garantite, con pagamenti di interessi semestrali, convertibili in contante, azioni ordinarie di LMAT o una combinazione a discrezione di LeMaitre.
Le note saranno riscattabili dopo il 5 febbraio 2028, se il prezzo delle azioni di LMAT supera il 130% del prezzo di conversione. I detentori di note possono richiedere a LeMaitre di riacquistare le note se si verificano cambiamenti fondamentali. L'azienda prevede di utilizzare i proventi per il capitale circolante e scopi generali, inclusi potenziali acquisizioni. L'offerta è destinata agli investitori istituzionali qualificati ai sensi della Regola 144A.
LeMaitre Vascular (LMAT) anunció planes para ofrecer 150 millones de dólares en Notas Senior Convertibles con vencimiento en 2030, con una opción adicional de 22.5 millones de dólares para los compradores iniciales. Las notas serán obligaciones senior, no garantizadas, con pagos de intereses semestrales, convertibles en efectivo, acciones comunes de LMAT o una combinación a discreción de LeMaitre.
Las notas serán rescatables después del 5 de febrero de 2028, si el precio de las acciones de LMAT supera el 130% del precio de conversión. Los tenedores de notas pueden exigir a LeMaitre que recompre las notas si ocurren cambios fundamentales. La empresa planea utilizar los ingresos para capital de trabajo y otros fines generales, incluidas posibles adquisiciones. La oferta está destinada a compradores institucionales calificados bajo la Regla 144A.
LeMaitre Vascular (LMAT)는 2030년에 만료되는 1억 5천만 달러 규모의 전환형 고위험 성격 증권을 제공할 계획을 발표했으며, 초기 구매자에게는 2250만 달러의 추가 옵션이 있습니다. 이 증권은 고위험, 무보증으로 반년마다 이자 지급이 이루어지며, LeMaitre의 재량에 따라 현금, LMAT 보통주 또는 이들의 조합으로 전환 가능합니다.
이 증권은 2028년 2월 5일 이후, LMAT의 주가가 전환 가격의 130%를 초과할 경우 조기 상환이 가능합니다. 증권 보유자는 기본적인 변화가 발생하면 LeMaitre에 증권의 재매입을 요구할 수 있습니다. 이 회사는 자금을 운영 자본과 일반 목적으로 사용하고, 잠재적 인수도 포함됩니다. 이 제안은 규정 144A에 따라 자격을 갖춘 기관 투자자에게만 제공됩니다.
LeMaitre Vascular (LMAT) a annoncé des plans pour offrir 150 millions de dollars en Obligations Convertibles Senior arrivant à échéance en 2030, avec une option supplémentaire de 22,5 millions de dollars pour les premiers acheteurs. Les obligations seront des engagements seniors non garantis avec des paiements d'intérêt semestriels, convertibles en espèces, en actions ordinaires de LMAT ou en une combinaison à la discrétion de LeMaitre.
Les obligations seront rachetables après le 5 février 2028, si le prix de l'action de LMAT dépasse 130 % du prix de conversion. Les créanciers peuvent demander à LeMaitre de racheter les obligations si des changements fondamentaux se produisent. L'entreprise prévoit d'utiliser les produits pour le fonds de roulement et des fins générales, y compris des acquisitions potentielles. L'émission est réservée aux acheteurs institutionnels qualifiés en vertu de la règle 144A.
LeMaitre Vascular (LMAT) hat Pläne angekündigt, 150 Millionen Dollar in Wandelanleihen mit Fälligkeit 2030 anzubieten, mit einer zusätzlichen Option von 22,5 Millionen Dollar für Erstkäufer. Die Anleihen werden Senior, unbesicherte Verpflichtungen sein, mit halbjährlichen Zinszahlungen, wandelbar in Bargeld, LMAT-Stammaktien oder einer Kombination nach Ermessen von LeMaitre.
Die Anleihen werden nach dem 5. Februar 2028 rückkaufbar sein, wenn der Aktienpreis von LMAT 130 % des Wandlungspreises überschreitet. Anleiheninhaber können von LeMaitre verlangen, die Anleihen zurückzukaufen, wenn grundlegende Änderungen eintreten. Das Unternehmen plant, die Erlöse für Betriebs- und allgemeine Zwecke zu verwenden, einschließlich potenzieller Übernahmen. Die Emission richtet sich an qualifizierte institutionelle Käufer nach Regel 144A.
- Significant capital raising potential of up to $172.5 million
- Flexible conversion terms allowing company to choose between cash, stock, or combination
- Strategic funding for potential acquisitions and business expansion
- Potential future dilution of existing shareholders if notes are converted to stock
- Increased debt burden with semi-annual interest payment obligations
- Risk of mandatory repurchase requirements in case of fundamental changes
Insights
BOSTON, Dec. 16, 2024 (GLOBE NEWSWIRE) -- LeMaitre Vascular, Inc. (“LeMaitre”) (Nasdaq: LMAT) today announced its intention to offer, subject to market and other conditions,
The notes will be senior, unsecured obligations of LeMaitre, will accrue interest payable semi-annually in arrears, and will mature on February 1, 2030, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods into cash, shares of LeMaitre’s common stock, or a combination of cash and shares of LeMaitre’s common stock, at LeMaitre’s election. The notes will be redeemable, in whole or in part (subject to certain limitations on partial redemptions), for cash at LeMaitre’s option at any time, and from time to time, on or after February 5, 2028 and on or before the 40th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of LeMaitre’s common stock exceeds
LeMaitre intends to use the net proceeds from the offering, including the purchase of additional notes, for working capital and other general purposes, which may include acquisitions of or investments in complementary companies, product lines, products or technologies.
The notes will be sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and unless so registered, the notes and any such shares cannot be offered or sold except pursuant to an applicable exemption from, or in a transaction not subject to, such registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any offer or sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful.
About LeMaitre
LeMaitre (Nasdaq: LMAT) is a provider of devices, implants and services for the treatment of peripheral vascular disease, a condition that affects more than 200 million people worldwide. LeMaitre develops, manufactures and markets disposable and implantable vascular devices to address the needs of its core customer, the vascular surgeon.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements, including, among other things, statements regarding the completion, timing and size of the proposed offering, the terms of the notes and the expected use of proceeds. In addition, other written or oral statements that constitute forward-looking statements may be made by LeMaitre or on its behalf. Words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “estimate,” “may,” “target,” “project,” “is intended to,” “project,” “guidance,” “likely,” “usually,” or variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements represent the current expectations of LeMaitre regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are (i) the risk that the offering will not be consummated, (ii) changes as a result of market conditions, including market interest rates, (iii) fluctuations in the trading price and volatility of LeMaitre’s common stock, (iv) unanticipated uses of capital, (v) the impact of general economic, industry or political conditions in the United States or internationally, and (vi) risks relating to LeMaitre’s business, including those described in LeMaitre’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and other filings with the U.S. Securities and Exchange Commission. The forward-looking statements included in this press release speak only as of the date of this press release, and LeMaitre does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
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