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Integer Holdings Corporation Announces Conversion Period for 2.125% Convertible Senior Notes due 2028

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Integer Holdings (NYSE: ITGR) has announced that holders of its 2.125% Convertible Senior Notes due 2028 can now convert their notes into cash and/or shares of the company's common stock. The conversion period is from October 1, 2024, to December 31, 2024. This option became available because the company's stock price exceeded 130% of the conversion price for at least 20 trading days in the 30-day period ending September 30, 2024.

The notes are convertible at a rate of 11.4681 shares of common stock per $1,000 principal amount, equivalent to a conversion price of approximately $87.20 per share. Integer will pay cash up to the principal amount of the notes converted, with any excess paid in cash, shares, or a combination at the company's discretion. Detailed conversion procedures have been provided to noteholders through The Depository Trust Company and Wilmington Trust, National Association.

Integer Holdings (NYSE: ITGR) ha annunciato che i possessori delle sue Note Convertibili Senior al 2.125% in scadenza nel 2028 possono ora convertire le loro note in contante e/o azioni ordinarie della società. Il periodo di conversione va da 1 ottobre 2024 a 31 dicembre 2024. Questa opzione è diventata disponibile poiché il prezzo delle azioni della società ha superato il 130% del prezzo di conversione per almeno 20 giorni di negoziazione nel periodo di 30 giorni che termina il 30 settembre 2024.

Le note sono convertibili a un tasso di 11.4681 azioni ordinarie per ogni $1.000 di valore nominale, equivalente a un prezzo di conversione di circa $87.20 per azione. Integer pagherà in contante fino all'importo nominale delle note convertite, con eventuali eccedenze pagate in contante, azioni o una combinazione a discrezione della società. Le procedure dettagliate di conversione sono state fornite ai possessori di note tramite The Depository Trust Company e Wilmington Trust, National Association.

Integer Holdings (NYSE: ITGR) ha anunciado que los titulares de sus Bonos Convertibles Senior del 2.125% con vencimiento en 2028 ahora pueden convertir sus bonos en efectivo y/o acciones comunes de la compañía. El período de conversión es desde 1 de octubre de 2024 hasta 31 de diciembre de 2024. Esta opción está disponible porque el precio de las acciones de la compañía superó el 130% del precio de conversión durante al menos 20 días de negociación en el período de 30 días que finaliza el 30 de septiembre de 2024.

Los bonos son convertibles a una tasa de 11.4681 acciones comunes por cada $1,000 de valor nominal, equivalente a un precio de conversión de aproximadamente $87.20 por acción. Integer pagará en efectivo hasta el monto nominal de los bonos convertidos, con cualquier excedente pagado en efectivo, acciones o una combinación a discreción de la compañía. Se han proporcionado procedimientos detallados de conversión a los tenedores de bonos a través de The Depository Trust Company y Wilmington Trust, National Association.

Integer Holdings (NYSE: ITGR)는 2028년 만기인 2.125% 전환형 시니어 노트 보유자들이 이제 현금 및/또는 회사의 보통주로 노트를 변환할 수 있음을 발표했습니다. 전환 기간2024년 10월 1일부터 2024년 12월 31일까지입니다. 이 옵션은 회사의 주가가 2024년 9월 30일 종료되는 30일 동안 최소 20일 동안 전환 가격의 130%를 초과했기 때문에 제공되었습니다.

노트는 $1,000의 원금11.4681주의 보통주로 변환될 수 있으며, 이는 약 $87.20 per share의 전환 가격에 해당합니다. Integer는 전환된 노트의 원금만큼 현금을 지급하며, 초과 금액은 회사의 재량에 따라 현금, 주식 또는 조합으로 지급됩니다. 전환 절차의 세부 사항은 The Depository Trust Company와 Wilmington Trust, National Association을 통해 노트 보유자에게 제공되었습니다.

Integer Holdings (NYSE: ITGR) a annoncé que les détenteurs de ses Obligations Convertibles Senior à 2,125 % arrivant à échéance en 2028 peuvent désormais convertir leurs obligations en espèces et/ou en actions ordinaires de l'entreprise. La période de conversion s'étend du 1er octobre 2024 au 31 décembre 2024. Cette option est devenue disponible parce que le prix de l'action de la société a dépassé 130 % du prix de conversion pendant au moins 20 jours de bourse dans la période de 30 jours se terminant le 30 septembre 2024.

Les obligations peuvent être converties à un taux de 11,4681 actions ordinaires par montant nominal de 1 000 $, ce qui équivaut à un prix de conversion d'environ 87,20 $ par action. Integer paiera en espèces jusqu'au montant nominal des obligations converties, tout excédent étant versé en espèces, en actions ou sous une combinaison à la discrétion de l'entreprise. Les procédures de conversion détaillées ont été fournies aux détenteurs d'obligations par l'intermédiaire de The Depository Trust Company et Wilmington Trust, National Association.

Integer Holdings (NYSE: ITGR) hat bekannt gegeben, dass Inhaber seiner 2,125 % konvertierbaren Senior Notes mit Fälligkeit 2028 nun ihre Anleihen in Bargeld und/oder Aktien des Unternehmens umwandeln können. Der Umwandlungszeitraum ist vom 1. Oktober 2024 bis zum 31. Dezember 2024. Diese Option wurde verfügbar, da der Aktienkurs des Unternehmens 130 % des Umwandlungspreises an mindestens 20 Handelstagen im 30-Tage-Zeitraum, der am 30. September 2024 endet, überschritten hat.

Die Anleihen sind zu einem Satz von 11,4681 Aktien pro 1.000 $ Nennbetrag konvertierbar, was einem Umwandlungspreis von etwa 87,20 $ pro Aktie entspricht. Integer wird Bargeld bis zur Nennbetrags der umgewandelten Anleihen zahlen, wobei etwaige Überschüsse nach Ermessen des Unternehmens in Bargeld, Aktien oder einer Kombination davon gezahlt werden. Detaillierte Umwandlungsverfahren wurden den Inhabern von Anleihen über die Depository Trust Company und Wilmington Trust, National Association, zur Verfügung gestellt.

Positive
  • High stock price performance triggering convertibility of notes
  • Potential reduction in debt liability if noteholders choose to convert
Negative
  • Possible dilution of existing shareholders if conversion results in new share issuance
  • Potential cash outflow if noteholders opt for cash conversion

Insights

The announcement of the conversion period for Integer Holdings 's 2.125% Convertible Senior Notes due 2028 is a significant financial event. The convertibility is triggered by the company's stock price performance, indicating strong market sentiment. With a conversion price of $87.20 per share, this represents a 30% premium over the stock's recent trading range. This conversion option could potentially dilute existing shareholders if noteholders choose to convert, but it also provides flexibility for the company in managing its debt. The ability to settle in cash, stock, or a combination thereof gives Integer strategic options. However, the impact on the company's balance sheet and cash flow will depend on the extent of conversions and the settlement method chosen. Investors should monitor the conversion rate and any subsequent changes in the company's capital structure.

The conversion period announcement for Integer Holdings' convertible notes is a standard procedural event, but it carries important legal implications. The company has fulfilled its obligation to notify noteholders of their conversion rights, which is important for regulatory compliance. The specific terms, including the conversion rate of 11.4681 shares per $1,000 principal, are clearly defined, reducing the risk of disputes. Integer's disclaimer about not making recommendations to holders is a prudent legal move to avoid potential liability. The company's flexibility in settlement methods (cash, shares, or combination) is noteworthy from a legal perspective, as it allows for strategic decision-making while potentially impacting shareholder rights. Investors should be aware that any significant conversion activity could trigger disclosure requirements under securities laws.

PLANO, Texas, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Integer Holdings Corporation (NYSE: ITGR) (“Integer” or the “Company”), a leading medical device contract development and manufacturing organization, today notified holders of its 2.125% Convertible Senior Notes due 2028 (the “Notes”) that the Notes are convertible, at the option of the holders (the “Conversion Option”) beginning on October 1, 2024, and ending at the close of business on December 31, 2024. The Notes are convertible into cash, up to the principal amount of the Notes, and in cash, shares of the Company’s common stock or a combination thereof, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the Notes being converted. Any determination regarding the convertibility of the Notes during future periods will be made in accordance with the terms of the Indenture governing the Notes.

The Notes became convertible because the last reported sale price of shares of the Company’s common stock, for at least 20 trading days during the period of 30 consecutive trading days ending on, and including, the last trading day of the calendar quarter ended September 30, 2024, was greater than 130% of the conversion price in effect on each applicable trading day.

The Notes are convertible at a conversion rate of 11.4681 shares of common stock per $1,000 principal amount of Notes, which is equivalent to a conversion price of approximately $87.20 per share of common stock.

The Company has issued a notice to holders with respect to the Conversion Option specifying the applicable terms, conditions and procedures. The notice is available through The Depository Trust Company or by requesting a copy from Wilmington Trust, National Association, which is serving as the conversion agent, at:

Wilmington Trust, National Association
1310 Silas Deane Highway
Wethersfield, CT 06109
Attn: Integer Holdings Corporation Notes Administrator

None of the Company, its Board of Directors or its employees has made or is making any representation or recommendation to any holder as to whether to exercise or refrain from exercising the Conversion Option.

This press release is not an offer to sell, nor a solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Integer®

Integer Holdings Corporation (NYSE: ITGR) is one of the largest medical device contract development and manufacturing organizations (CDMO) in the world, serving the cardiac rhythm management, neuromodulation, and cardio and vascular markets. As a strategic partner of choice to medical device companies and OEMs, the Company is committed to enhancing the lives of patients worldwide by providing innovative, high-quality products and solutions. The Company's brands include Greatbatch Medical®, Lake Region Medical® and Electrochem®. Additional information is available at www.integer.net.

Investor Relations:Media Relations:
Andrew SennKelly Butler
andrew.senn@integer.netkelly.butler@integer.net
763.951.8312469.731.6617

FAQ

What is the conversion rate for Integer Holdings' 2.125% Convertible Senior Notes due 2028?

The conversion rate is 11.4681 shares of common stock per $1,000 principal amount of Notes, which is equivalent to a conversion price of approximately $87.20 per share of common stock.

When can holders convert their Integer Holdings (ITGR) 2.125% Convertible Senior Notes due 2028?

Holders can convert their notes from October 1, 2024, to December 31, 2024.

Why did Integer Holdings' (ITGR) 2.125% Convertible Senior Notes become convertible?

The notes became convertible because the company's stock price was greater than 130% of the conversion price for at least 20 trading days during the 30 consecutive trading days ending September 30, 2024.

How will Integer Holdings (ITGR) settle the conversion of its 2.125% Convertible Senior Notes?

Integer will pay cash up to the principal amount of the notes converted, with any excess paid in cash, shares of common stock, or a combination thereof, at the company's discretion.

Integer Holdings Corporation

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4.55B
33.54M
1.52%
118.05%
7.86%
Medical Devices
Electromedical & Electrotherapeutic Apparatus
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United States of America
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