Impinj, Inc. announced the pricing of $170 million aggregate principal amount of 0% Convertible Senior Notes due 2029 in a private offering.
The offering size was increased from the previously announced $150 million.
The net proceeds are estimated to be approximately $164.2 million after deducting discounts and expenses.
Offering Upsize
The aggregate principal amount of the offering was increased from $150 million to $170 million.
Convertible Notes Details
The notes are senior, unsecured obligations without regular interest and will mature on September 15, 2029.
Conversion Terms
Initial conversion rate is 3.7398 shares of Impinj's common stock per $1,000 principal amount of notes.
Use of Proceeds
Proceeds will be used to exchange $190.0 million of 2027 Notes for cash and shares, and $10.0 million for capped call transactions.
- The offering signals Impinj's strategy to bolster its financial position and manage debt obligations.
- The convertible notes provide flexibility in financing future growth initiatives.
- The capped call transactions aim to limit the potential dilution of Impinj's common stock.
Impinj's successful pricing and upsizing of the offering demonstrate investor confidence and strategic financial planning in leveraging convertible notes for long-term growth and debt management.