TransMedics rallies after upsized convertible debt deal

TransMedics

09/05/2023 18:59

** TransMedics Group Inc's  TMDX.O  shares up 7.4% at $76.20
after medic device maker raises more capital than planned
    ** Organ transplant specialist late Mon priced $400 mln 1.5%
5-yr convertible bonds
    ** Initial conversion price of $94 represents 32.5% premium
to stock's last close
    ** Shares on Mon fell 4.2% after co launched $300 mln deal
    ** Co intends to use ~$45 mln of net proceeds to pay cost of
capped call transactions, remainder to expand its logistics
network through potential partnerships, acquisitions
    ** Co had ~$2.3 bln market cap through Mon, per Refinitiv
data
    ** About 2.2 mln shares have traded so far on Tues following
~2.6 mln shares that exchanged hands on Mon. Stock's 25-DMA
volume is roughly 684k, according to Refinitiv
    ** With move on the session, stock up ~23% YTD amid ~180%
gain over the past 12 months

 (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))