LivaNova plc (LIVN) Prices 3.6M Share Offering at $82.5/sh

LivaNova PLC (NASDAQ: LIVN), a market-leading medical technology and innovation company, today announced that it has priced an underwritten offering of 3,636,364 ordinary shares at a price to the public of $82.50 per share. The Company also granted the underwriters a 30-day option to acquire up to 545,454 additional ordinary shares offered on the same terms as the initial shares.

The net proceeds of the offering are expected to be approximately $280.1 million (or approximately $322.4 million if the underwriters exercise in full the option to acquire additional ordinary shares), after deducting underwriting discounts and commissions and estimated offering expenses payable by LivaNova. LivaNova intends to use the net proceeds of the offering to partially fund the repayment of its existing $450 million five-year senior secured term loan (the Term Loan). Borrowings under the Term Loan bear interest at a variable annual rate equal to the three-month LIBOR rate (subject to a 1% floor), plus an applicable margin of 6.5% per annum. In the second quarter of 2021, interest expense under the Term Loan was $9.7 million of which $1.2 million is amortization of debt issuance costs.

Goldman Sachs & Co. LLC, Barclays and UBS Investment Bank are acting as joint bookrunners for the offering. Baird and Stifel are acting as co-managers for the offering.

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