Convertibles Calendar: $4.15 billion in the market

March 4

IRHYTHM TECHNOLOGIES INC.

• $450 million long five-year convertible notes

• $67.5 million greenshoe

• Coupon of 1.5% to 2% and initial conversion premium of 27.5% to 32.5%

• Rule 144A

• J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC

• Non-callable until March 15, 2027, then subject to a 130% hurdle

• Proceeds to cover the cost of the call spread; $80.1 million to repay the outstanding amount of a credit facility with Braidwell Transaction Holdings LLC; $25 million to repurchase stock in privately negotiated transactions; and for general corporate purposes

• San Francisco-based digital health care company

MP MATERIALS CORP.

• $500 million six-year convertible notes

• $75 million greenshoe

• Coupon of 2.75% to 3.25% and initial conversion premium of 37.5% to 42.5%

• Rule 144A

• BofA Securities Inc.

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

• Proceeds to cover the cost of the call spread, to fund the repurchase of a portion of the 0.25% convertible notes due 2026, to repurchase up to $300 million of common stock in privately negotiated transactions and for general corporate purposes

• Las Vegas-based specialty materials company

March 5

MICROSTRATEGY INC.

• $600 million six-year convertible notes

• $90 million greenshoe

• Coupon of 0.5% to 1% and initial conversion premium of 37.5% to 42.5%

• Rule 144A

• Citigroup Global Markets Inc., Moelis & Co. and TD Cowen

• Non-callable until March 22, 2027 and then subject to a 130% hurdle

• Proceeds for the purchase of Bitcoin and for general corporate purposes

• Tysons Corner, Va.-based business intelligence and analytics company

TANDEM DIABETES CARE INC.

• $250 million five-year convertible notes

• $37.5 million greenshoe

• Coupon of 1.25% to 1.75% and initial conversion premium of 25% to 30%

• Rule 144A

• Goldman Sachs & Co. LLC (lead left) and Barclays

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

• Proceeds to fund the cost of the call spread, to fund the repurchase of the 1.5% convertible notes due 2025, to repurchase up to $30 million of stock and for general corporate purposes

• San Diego-based medical device company

KOSMOS ENERGY LTD.

• $300 million six-year convertible notes

• $45 million greenshoe

• Coupon of 2.875% to 3.375% and initial conversion premium of 27.5% to 32.5%

• Rule 144A

• BofA Securities Inc. and Barclays

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

• Proceeds to cover the cost of the call spread and repay outstanding debt under its commercial debt facility

• San Francisco-based digital health care company

ALBERMARLE CORP.

• $1.75 billion $50-par depositary shares representing a 1/20th interest in series A mandatory convertible preferred stock

• $262.5 million greenshoe

• Dividend of 7% to 7.5% and initial conversion premium of 17.5% to 22.5%

• Rule 144A

• J.P. Morgan Securities LLC and BofA Securities Inc.

• Non-callable

• Proceeds for general corporate purposes

• Charlotte, N.C.-based chemical manufacturing company

LIVANOVA PLC

• $300 million five-year convertible notes

• $45 million greenshoe

• Coupon of 2.25% to 2.75% and initial conversion premium of 27.5% to 32.5%

• Rule 144A

• Goldman Sachs & Co. LLC, BofA Securities Inc. and Barclays

• Non-callable until March 22, 2027 and then subject to a 130% hurdle

• Proceeds to cover the cost of the call spread, to fund the repurchase of LivaNova USA Inc.’s 3% cash exchangeable notes due 2025 and for general corporate purposes

• London-based medical technology company

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