By Abigail W. Adams
Portland, Me., Feb. 2 – Xometry Inc. priced $250 million of five-year convertible notes after the market close on Tuesday at par at the cheap end of talk with a coupon of 1% and an initial conversion premium of 27.5%, according to a market source and a company news release.
Price talk was for a coupon of 0.5% to 1% and an initial conversion premium of 27.5% to 32.5%.
Goldman Sachs & Co. LLC (lead left), J.P. Morgan Securities LLC and BofA Securities Inc. were bookrunners for the Rule 144A offering, which carries a greenshoe of $37.5 million.
The notes are non-callable until Feb. 5, 2025 and then subject to a 130% hurdle.
They are putable upon a fundamental change. There is dividend protection.
The notes will be settled in cash, shares or a combination of both at the company’s option.
Net proceeds are expected to be $241.9 million or will be $278.3 million if the greenshoe is exercised in full.
Proceeds will be used for general corporate purposes, which may include future acquisitions or strategic investments.
Xometry is a Rockville, Md.-based industrial parts marketplace.
| Issuer: | Xometry Inc.
|
| Amount: | $250 million
|
| Greenshoe: | $37.5 million
|
| Issue: | Convertible senior notes
|
| Maturity: | Feb. 1, 2027
|
| Bookrunners: | Goldman Sachs & Co. LLC (lead left), J.P. Morgan Securities LLC and BofA Securities Inc.
|
| Coupon: | 1%
|
| Price: | Par
|
| Yield: | 1%
|
| Conversion premium: | 27.5%
|
| Conversion price: | $56.11
|
| Conversion rate: | 17.8213
|
| Call options: | Non-callable until Feb. 5, 2025 and then subject to a 130% hurdle
|
| Put options: | Upon a fundamental change
|
| Pricing date: | Feb. 1
|
| Settlement date: | Feb. 4
|
| Distribution: | Rule 144A
|
| Talk: | Coupon of 0.5% to 1% and initial conversion premium of 27.5% to 32.5%
|
| Stock symbol: | Nasdaq: XMTR
|
| Stock price: | $44.01 at market close Feb. 1
|
| Market capitalization: | $1.95 billion
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
