Integer Holdings' Conversion Opportunity for Bondholders
Integer Holdings Corporation (NYSE: ITGR) has exciting news for its bondholders regarding its 2.125% Convertible Senior Notes due 2028. The company announced that holders can begin converting their bonds as of October 1, 2024, with the opportunity lasting until the end of the year on December 31, 2024. This conversion option allows bondholders a chance to convert their holdings into cash, shares of common stock, or a combination of both, depending on the company's election.
Understanding the Conversion Mechanics
The ability to convert the notes into shares comes after the last reported sale price of Integer's shares exceeded 130% of the conversion price for at least 20 trading days within a 30-day period. This reflects strong market performance, providing bondholders with a unique opportunity to benefit from their investment.
Conversion Rate Details
The conversion rate has been set at 11.4681 shares of common stock for each $1,000 of principal amount of the Notes. This translates to an approximate conversion price of $87.20 per share, which is appealing for investors looking to capitalize on potential gains in the company’s stock.
Steps for Bondholders to Act
With the announcement, Integer has issued a formal notice outlining the terms, conditions, and necessary procedures for exercising the Conversion Option. Holders are encouraged to review this information carefully, which can be accessed through The Depository Trust Company or by requesting a copy from Wilmington Trust, National Association, the appointed conversion agent.
Contacting the Conversion Agent
For additional inquiries, bondholders may reach out to Wilmington Trust at the following address:
Wilmington Trust, National Association
1310 Silas Deane Highway
Wethersfield, CT 06109
Attn: Integer Holdings Corporation Notes Administrator
Company Background and Commitment
Integer Holdings Corporation (NYSE: ITGR) stands as one of the premier medical device contract development and manufacturing organizations globally. It serves various sectors including cardiac rhythm management and neuro-modulation, demonstrating a strong commitment to improving patient outcomes through innovative, high-quality medical products. The company is a trusted partner for medical device firms and OEMs alike, offering solutions that truly make a difference.
Integer’s Brands and Offerings
Integer’s notable brands encompass Greatbatch Medical, Lake Region Medical, and Electrochem, each known for high standards of quality and performance. The organization’s focus on collaboration ensures their partners receive exceptional services tailored to meet specific needs.
Investor and Media Relations
For any investor or media inquiries, stakeholders can contact the following representatives:
Investor Relations:
Andrew Senn
Email: andrew.senn@integer.net
Phone: 763.951.8312
Media Relations:
Kelly Butler
Email: kelly.butler@integer.net
Phone: 469.731.6617
Frequently Asked Questions
What is the conversion period for Integer's Convertible Senior Notes?
The conversion period begins on October 1, 2024, and lasts until December 31, 2024.
What is the conversion rate for the 2.125% Convertible Senior Notes?
The conversion rate is 11.4681 shares of common stock per $1,000 principal amount of Notes, approximately $87.20 per share.
How can bondholders exercise the Conversion Option?
Bondholders must follow the terms and procedures outlined in the notice issued by Integer, which they can access through the Depository Trust or contact the conversion agent, Wilmington Trust.
Who should bondholders contact for more information?
Bondholders can contact Wilmington Trust’s notes administrator for assistance regarding the Conversion Option.
What does Integer specialize in?
Integer is a leading contract development and manufacturing organization in the medical device sector, focusing on cardiac rhythm management and neuromodulation.
