Integer Holdings Corporation (NYSE: ITGR) has announced the conversion period for its 2.125% Convertible Senior Notes due 2028. The notes are convertible at the option of the holders, with the conversion period beginning on October 1, 2024, and ending on December 31, 2024.
The conversion rate for the notes is set at 11.4681 shares of common stock per $1,000 principal amount of Notes, equivalent to a conversion price of approximately $87.20 per share of common stock.
The decision for the notes to become convertible was driven by the last reported sale price of the company's common stock, which was greater than 130% of the conversion price in effect on each applicable trading day for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the calendar quarter ended September 30, 2024.
As a leading medical device contract development and manufacturing organization, Integer Holdings Corporation is committed to enhancing the lives of patients worldwide by providing innovative, high-quality products and solutions in the cardiac rhythm management, neuromodulation, and cardio and vascular markets.
For investors and analysts, the key takeaway from this development is the potential impact on the company's capital structure and shareholder dilution as a result of the conversion of the senior notes into common stock or cash. This could affect the company's financial position and future earnings per share, and it will be important to monitor the extent to which the notes are converted during this period. Today the company's shares have moved -1.2% to a price of $125.73. If you want to know more, read the company's complete 8-K report here.
