Integer Holdings Corporation Announces Conversion Option for 2.125% Convertible Senior Notes Due 2028

Integer Holdings Corporation announces the convertibility of its 2.125% Convertible Senior Notes from January 1 to March 31, 2025.

Quiver AI Summary

Integer Holdings Corporation announced that holders of its 2.125% Convertible Senior Notes due 2028 can convert their notes into cash and/or shares of the company's common stock starting January 1, 2025, until March 31, 2025. The conversion is authorized because the company's stock price exceeded 130% of the conversion price for a requisite period. Each $1,000 note can be converted into approximately 11.4681 shares, translating to a conversion price of about $87.20 per share. A formal notice outlining the terms and procedures for conversion has been sent to noteholders, and inquiries can be directed to Wilmington Trust, the conversion agent. The press release clarifies that the company makes no recommendations regarding the decision to convert.

Potential Positives

• The conversion of the Notes is a significant financial event for the Company, indicating strong stock performance and investor confidence, as it requires the stock price to be significantly higher than the conversion price.
• Integer Holdings Corporation has the flexibility to satisfy the conversion in cash, stock, or a combination of both, which could help optimize its financial resource management.
• This move encourages active participation from Note holders, potentially increasing liquidity and market interest in the company's common stock.

Potential Negatives

• The conversion of the Notes indicates that the company's stock price has fluctuated significantly, potentially signaling instability or market concerns that could affect investor confidence.
• The fact that the Company is choosing to allow conversion rather than repaying the Notes in cash may suggest liquidity issues or a preference for conserving cash at a time when they feel the stock can hold a higher valuation.
• The press release includes a disclaimer stating that the Company or its Board has not made any representation or recommendation regarding the Conversion Option, which could be interpreted as a lack of confidence in encouraging holders to convert or hold the Notes.

FAQ

What are the key details of Integer's Convertible Senior Notes?

Integer's 2.125% Convertible Senior Notes can be converted from January 1 to March 31, 2025, at the holders' option.

How is the conversion price for the Notes determined?

The conversion price is approximately $87.20 per share, based on 11.4681 shares per $1,000 principal amount of Notes.

What triggers the convertibility of the Notes?

The Notes became convertible as the common stock price exceeded 130% of the conversion price during a specified trading period.

Who can assist with the conversion process?

Wilmington Trust, National Association serves as the conversion agent and can provide assistance regarding the conversion process.

Is this press release an offer to buy or sell securities?

No, the press release is not an offer or solicitation for securities transactions.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$ITGR Insider Trading Activity

$ITGR insiders have traded $ITGR stock on the open market 4 times in the past 6 months. Of those trades, 0 have been purchases and 4 have been sales.

Here’s a breakdown of recent trading of $ITGR stock by insiders over the last 6 months:

• MARTIN C MAXWELL sold 4,700 shares.
• JEAN M. HOBBY has traded it 2 times. They made 0 purchases and 2 sales, selling 11,960 shares.
• JOHN A HARRIS (EVP, Global Ops and Manufactur) sold 3,400 shares.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$ITGR Hedge Fund Activity

We have seen 155 institutional investors add shares of $ITGR stock to their portfolio, and 142 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• CAPITAL RESEARCH GLOBAL INVESTORS added 949,134 shares (+355.8%) to their portfolio in Q3 2024
• SILVERCREST ASSET MANAGEMENT GROUP LLC removed 834,405 shares (-50.6%) from their portfolio in Q3 2024
• AMERICAN CENTURY COMPANIES INC added 415,604 shares (+2645.5%) to their portfolio in Q3 2024
• FULLER & THALER ASSET MANAGEMENT, INC. removed 310,110 shares (-24.0%) from their portfolio in Q3 2024
• FRANKLIN RESOURCES INC removed 298,752 shares (-31.3%) from their portfolio in Q3 2024
• ORBIMED ADVISORS LLC added 225,779 shares (+64.7%) to their portfolio in Q3 2024
• AMERIPRISE FINANCIAL INC added 216,311 shares (+24.8%) to their portfolio in Q3 2024

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

PLANO, Texas, Jan. 02, 2025 (GLOBE NEWSWIRE) -- Integer Holdings Corporation (NYSE: ITGR) (“Integer” or the “Company”), a leading medical device contract development and manufacturing organization, today notified holders of its 2.125% Convertible Senior Notes due 2028 (the “Notes”) that the Notes are convertible, at the option of the holders (the “Conversion Option”) beginning on January 1, 2025, and ending at the close of business on March 31, 2025. The Notes are convertible into cash, up to the principal amount of the Notes, and in cash, shares of the Company’s common stock or a combination thereof, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the Notes being converted. Any determination regarding the convertibility of the Notes during future periods will be made in accordance with the terms of the Indenture governing the Notes.

The Notes became convertible because the last reported sale price of shares of the Company’s common stock, for at least 20 trading days during the period of 30 consecutive trading days ending on, and including, the last trading day of the calendar quarter ended December 31, 2024, was greater than 130% of the conversion price in effect on each applicable trading day.

The Notes are convertible at a conversion rate of 11.4681 shares of common stock per $1,000 principal amount of Notes, which is equivalent to a conversion price of approximately $87.20 per share of common stock.

The Company has issued a notice to holders with respect to the Conversion Option specifying the applicable terms, conditions and procedures. The notice is available through The Depository Trust Company or by requesting a copy from Wilmington Trust, National Association, which is serving as the conversion agent, at:

Wilmington Trust, National Association


1310 Silas Deane Highway


Wethersfield, CT 06109


Attn: Integer Holdings Corporation Notes Administrator

None of the Company, its Board of Directors or its employees has made or is making any representation or recommendation to any holder as to whether to exercise or refrain from exercising the Conversion Option.

This press release is not an offer to sell, nor a solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Integer



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Integer Holdings Corporation (NYSE: ITGR) is one of the largest medical device contract development and manufacturing organizations (CDMO) in the world, serving the cardiac rhythm management, neuromodulation, and cardio and vascular markets. As a strategic partner of choice to medical device companies and OEMs, the Company is committed to enhancing the lives of patients worldwide by providing innovative, high-quality products and solutions. The Company's brands include Greatbatch Medical


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and Lake Region Medical


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. Additional information is available at www.integer.net.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.