Convertibles Calendar: Wayfair, Granite, TransMedics, Welltower on tap

May 8

GRANITE CONSTRUCTION INC.

• $325 million five-year convertible notes

• $48.75 million greenshoe

• Fixed coupon of 3.75% and fixed initial conversion premium of 30%

• Non-callable until June 8, 2026 and then subject to a 130% hurdle

• Rule 144A

• BofA Securities Inc.

• Proceeds to cover the cost of the call spread, to pay the cash portion of the exchange of its 2.75% notes due 2024 and for general corporate purposes

• Watsonville, Calif.-based construction company

TRANSMEDICS GROUP INC.

• $300 million five-year convertible notes

• $45 million greenshoe

• Coupon of 1.75% to 2.25% and an initial conversion premium of 27.5% to 32.5%

• Non-callable until June 8, 2026 and then subject to a 130% hurdle

• Rule 144A

• Morgan Stanley & Co. LLC (lead left) and J.P. Morgan Securities LLC

• Proceeds to cover the cost of the call spread, to expand its logistics network through partnerships and acquisitions and for general corporate purposes

• Andover, Mass.-based medical technology company

WELLTOWER OP LLC

• $750 million five-year exchangeable notes

• $112.5 million greenshoe

• Coupon of 2.25% to 2.75% and initial conversion premium of 22.5% to 27.5%

• Non-callable for three years and then subject to a 130% hurdle

• Rule 144A

• Morgan Stanley & Co. LLC (lead left), J.P. Morgan Securities LLC and BofA Securities Inc.

• Proceeds for general corporate purposes, which may include repayment of the company’s 4.5% senior notes due Jan. 15, 2024 and 3.625% senior notes due March 15, 2024

• Toledo, Ohio-based real estate investment trust

May 9

WAYFAIR INC.

• $600 million five-year exchangeable notes

• $90 million greenshoe

• Coupon of 3.25% to 3.75% and initial conversion premium of 22.5% to 27.5%

• Non-callable until May 20, 2026 and then subject to a 130% hurdle

• Rule 144A

• Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC

• Proceeds to cover the cost of the call spread, to fund the repurchase of its 2024, 2025 and 2026 convertible notes and for general corporate purposes

• Boston-based home decor e-commerce company

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