Germantown, Md.-based Senseonics, which developed the Eversense implantable CGM, announced the offerings yesterday. Today the company priced $82 million worth of 5.25% convertible senior notes due 2025. Part of the expected $77 million in net proceeds are earmarked for buying back some $37.0 million in 5.25% convertible senior subordinated notes due 2023. The notes offering is slated to close July 25.
Senseonics also priced the public flotation of more than 22.7 million shares at $1.10 apiece, for gross proceeds of $25.0 million, plus a 30-day underwriters option on an additional 3.4 million shares that could add $3.7 million. The stock offering is slated to close July 22.