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NuVasive Prices $200 Million Convertible Senior Notes Due 2013
Date:3/4/2008

SAN DIEGO, March 4 /PRNewswire-FirstCall/ -- NuVasive, Inc. (Nasdaq: NUVA), a medical device company focused on developing products for minimally disruptive surgical treatments for the spine, announced the pricing of $200 million principal amount of 2.25% Convertible Senior Notes due 2013 through an offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. NuVasive has also granted the initial purchasers an option to purchase up to $30 million of additional notes solely to cover over-allotments. The offering is scheduled to close on March 7, 2008, subject to satisfaction of customary closing conditions.

The notes will pay interest semiannually at a rate of 2.25% per annum. The notes will be convertible into shares of NuVasive common stock at a conversion rate of 22.3515 shares of common stock per $1,000 principal amount of notes, which is equal to a conversion price of approximately $44.74 per share.

NuVasive estimates that the net proceeds from the offering will be approximately $193.4 million after deducting the initial purchasers' discounts and commissions and estimated offering expenses, assuming no exercise of the initial purchasers' over-allotment option.

NuVasive intends to use the net proceeds from the offering for general corporate purposes, including potential strategic acquisitions. NuVasive has entered into convertible note hedge transactions with the initial purchasers or their affiliates (the "counterparties") and intends to use a portion of the net proceeds from this offering to pay for the cost of the convertible note hedge transactions. The convertible note hedge transactions are intended to reduce dilution experienced by the company's stockholders upon potential future conversion of the notes. The company has also entered into separate warrant transactions with the counterparties, which would result in additional proceeds to the company, and would partially offset the
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SOURCE NuVasive, Inc.
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