03:40 AM EST, 03/05/2024 (MT Newswires) -- iRhythm Technologies ( IRTC ) said late Monday it priced a private placement to eligible purchasers of $575 million principal amount of 1.5% convertible senior notes due 2029.

The company granted the initial purchasers an option to purchase up to an additional about $86.3 million of the notes, which will be convertible at an initial rate of $147.22 per share.

Net proceeds, estimated to be about $559.5 million to $643.6 million, will be used to fund certain capped call transactions, debt repayments, share repurchases, and for general corporate purposes, the company said.

The offering, which has been upsized from $450 million, is expected to close on Thursday.

Price: 109.06, Change: +0.01, Percent Change: +0.01