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Kyphon sells $400mm in convertible senior notes

Executive Summary

Kyphon (minimally invasive spinal devices) has sold $400mm (including the overallotment) in convertible debt--$200mm in 1% five-year senior notes and $200mm in 1.25% seven-year senior notes--to qualified institutional buyers. Upon the occurrence of certain events, the notes will convert into cash up to the principal amount, and into common shares for any conversion value above the principal amount. The company will use some of the proceeds to finance its recent acquisition of St. Francis Medical.
Deal Industry
  • Medical Devices
  • Medical Devices
    • Surgical Equipment & Devices
      • Minimally or Less Invasive
Deal Status
  • Final
Deal Type
  • Financing
    • Convertible Debt
    • Private Placement

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