ATEC - Alphatec prices upsized $275M convertible notes offering

Alphatec Holdings (NASDAQ:ATEC) has priced its upsized offering of $275M of 0.75% convertible senior notes due 2026 (from $250) in a private offering. Initial purchasers are ranted an option to purchase an additional $41.25M of notes. The initial conversion rate is 54.5316 common shares per $1,000 principal amount of notes, which represents ~$18.34/share. Estimated net proceeds of ~$266.2M will be used to fund the cost of entering into the capped call transactions, to repurchase ~1.806M common shares from certain purchasers of notes and to repay outstanding debt. The issuance and sale of the notes are scheduled to settle on August 10.

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Alphatec prices upsized $275M convertible notes offering