Digital healthcare company iRhythm Technologies, Inc. announced on Monday its intention to offer $450 million in convertible senior notes, due in 2029, through a private placement.
The company plans to offer the initial purchasers of these notes an option to buy up to an additional $67.5 million worth. The specifics concerning the interest rate, initial conversion rate, offering price, and other related terms will be established upon the notes' pricing.
iRhythm's lender and shareholder - Braidwell LP, has indicated interest in buying a portion of these notes.
The company aims to utilize the net proceeds from this offering to cover the cost of capped call transactions, settle debts, and for other general corporate purposes.
Furthermore, iRhythm plans to use up to $25 million of the net proceeds to buyback its own shares.
