Tiger Brokers

BUZZ-Integer down after upsized $875 million convertible debt offering

Reuters
Mar 14, 2025
BUZZ-Integer down after upsized $875 million convertible debt offering

** Shares of medical device contract development firm Integer Holdings ITGR.N fall 2.6% to $115.28

** Late Thursday, ITGR priced its upsized offering of $875 million convertible bonds due 2030

** The previous offering size was $750 million

** Initial conversion price of $150.96 represents 27.5% premium to stock's last close

** ITGR plans to use the proceeds to pay for capped calls, debt repayment and to issue shares in exchange for portion of its existing 2.125% convertible bonds due 2028

** Capped call is a derivative used to increase the share price at which the bonds are converted to stock

** Eight of 10 brokerages rate the stock "buy" or higher and two "hold"; median PT is $154.50 - data compiled by LSEG

** ITGR stock down 12.3% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))

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