NuVasive Inc. (NSDQ:NUVA) yesterday said it pulled down $634 million from a convertible debt offering it plans to use to buy back other notes coming due next year.
San Diego-based NuVasive said the haul included a $100 million over-allotment for the 2.25% notes due in 2021. The spinal implant maker said it plans to spend about $66 million of the proceeds on convertible hedge note transactions and has already used another $345 million to repurchase $277 million worth of the $402.5 million it has in convertible notes due in 2017.
NuVasive said it could still use some of the remaining balance to buy back more of the 2017 notes and for “general corporate purposes.”
Last week, NuVasive said it plans to acquire its exclusive Brazilian distributor Mega Surgical, hoping to close the transaction during the 1st quarter.
The post NuVasive nets $634m from convertible notes offering appeared first on MassDevice.
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