Conmed drops on $600 mln convertible debt offering

Conmed

01/06/2022 17:09

** Conmed Corp  CNMD.N  shares down 6.6% at $108.64 as
medical device co seeks capital
    ** CNMD late Tues said it's offering privately $600 mln 5-yr
convertible bonds (CB)  urn:newsml:reuters.com:*:nBw1jymPKa
    ** Co to use portion of net offering proceeds to fund last
month's $255 mln all-cash acquisition of In2Bones, global
maker/distributor of devices to treat disorders and injuries of
upper and lower extremities  urn:newsml:reuters.com:*:nBw45Xt48a
    ** CNMD also looks to repurchase portion of its $345 mln
principal 2.625% CB due 2024
    ** Through close on Tues, shares had fallen ~17% since co on
May 4 announced In2Bones buy
    ** With move on Weds, stock down ~23% YTD and has roughly
$3.2 bln market cap, per Refinitiv data
    ** Avg rating among 5 analysts is "buy"; median PT $157.50

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))