iRhythm Technologies (NASDAQ:IRTC) intends to offer $450M aggregate principal amount of convertible senior notes due 2029.
Initial purchasers of the notes have an option to purchase, within a 13-day period from, and including, the date on which the notes are first issued, up to an additional $67.5M aggregate principal amount of notes.
iRhythm (IRTC) intends to use a portion of the net proceeds from the offering to pay the cost of the capped call transactions. ~$80.1M of teh procees to be deployed for the repayment in full of indebtedness outstanding, together with accrued and unpaid interest and related fees, under iRhythm’s Credit, Security and Guaranty Agreement.
The interest rate, initial conversion rate, offering price and other terms are to be determined upon pricing of the notes.
The stock price is down 2.3% on Monday during pre-market trading.
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