08:45 AM EDT, 05/23/2024 (MT Newswires) -- Haemonetics ( HAE ) said Thursday it has priced its private offering of $600 million worth of its 2.50% convertible senior notes due 2029.

Initial purchasers have been granted a 13-day option to purchase up to an additional $100 million worth of notes.

The initial conversion rate is 8.5385 common shares per $1,000 principal amount of notes, which is equivalent to an initial conversion price of about $117.12 per share.

The offering, which was increased from $525 million, is expected to close May 28.

Net proceeds are estimated to be about $584.8 million, or about $682.3 million if the initial purchasers fully exercise their overallotment option. These proceeds will be used to pay the cost of the capped call transactions; repurchase for cash $200 million of its 0% convertible senior notes due 2026; repay the entire balance on its revolving credit facility, as well as use the remainder of the proceeds for working capital and other general corporate purposes.

Price: 91.00, Change: +0.91, Percent Change: +1.01