IRhythm Technologies Intends To Offer $450 Mln Of Senior Notes In Private Placement

(RTTNews) - iRhythm Technologies, Inc. (IRTC), a digital health care company, announced on Monday that it intends to offer $450 million convertible senior notes in a private placement due 2029.

The company has plans to grant the initial purchasers of the notes an option to purchase up to an additional $67.5 million of notes.

The interest rate, initial conversion rate, offering price, and other terms are to be determined upon pricing of the notes, the company said.

Braidwell LP, iRhythm's lender and a holder of its shares, has expressed an interest in purchasing a portion of the notes.

The company plans to use the net proceeds to pay the cost of the capped call transactions, debt, and general corporate purposes.

iRhythm also intends to use up to $25 million of the net proceeds to repurchase its own shares.