Integer launches $750 mln convertible debt deal; shares unchanged post-market

Integer Holdings

12/03/2025 20:55

** Shares of medical device contract development firm Integer Holdings ITGR.N flat after hours as it looks to raise capital

** Plano, Texas-based co offering privately $750 mln convertible bonds (CBs) due 2030

** Co intends to use portion of net proceeds to pay for capped calls, and remainder, along with issuing shares of its stock, in exchange for portion of its existing 2.125% CBs due 2028

** With ~33.6 mln shares outstanding, co has ~$4 bln market cap, per LSEG

    ** Stock on Weds fell for fifth straight session, ending down 0.5% at $119.56, YTD, shares off ~10%

** Last month, co posted Q4 adj EPS of $1.43 on total sales growth of 11% y/y to $449 mln, while other markets sales declined 17% driven by its exit from portable medical unit, announced in 2022

** Avg rating among 10 analysts is "buy"; median PT of $155 implies 30% upside to current levels - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))