Integer slides after convertible notes launch, preliminary results

Integer Holdings

31/01/2023 14:14

** Integer Holdings Corp's  ITGR.N  shares down 7% at $65.77
premarket as medical device maker looks to raise capital
    ** Co late Mon launched private $375 mln 5-yr convertible
bond deal
    ** Integer plans to use portion of net proceeds to pay cost
of capped call transactions, remainder to repay term loan to
reduce floating-rate debt exposure
    ** Alongside deal launch, co said expects to report Q4 adj
EPS of $1.08-$1.11 on rev of $370-$372 mln, both above consensus
of $1.02 and ~$357 mln, respectively, per Refinitiv data
    ** Through Mon close, ITGR shares up ~3% in Jan and have
rallied 41% from 1-yr low hit in Oct
    ** Co has ~$2.3 bln market cap, per Refinitiv
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))