Endologix launches $20m offering

Endologix (NSDQ:ELGX), looking to refinance its debt, said it’s floating $20 million worth of its own shares in a public offering.

The Irvine, Calif.-based stent graft maker said the offering also includes a 30-day underwriter’s option worth another $3 million.

Endologix said it plans to use the proceeds to pay off $18.3 million worth of 2.25% convertible senior notes due this year.

BTIG is book-runner on the flotation.

Earlier this month Endologix got a boost from its preliminary third-quarter results, which beat the consensus forecast, and raised the bottom of its top-line outlook for the rest of the year.

The company said it expects to report sales of $34.3 million to $34.7 million for the three months ended Sept. 30, 10.3% to 11.6% ahead of the $31.1 million consensus estimate on Wall Street.

Full-year sales are now expected to reach $150 million to $155 million, compared with prior guidance of $145 million to $155 million, Endologix said at the time. The company is slated to report its full Q3 2018 results Nov. 1.

The post Endologix launches $20m offering appeared first on MassDevice.

from MassDevice https://ift.tt/2CEbX9q