Navigation Links
HeartWare International, Inc. Announces Completion of Concurrent Public Offerings of Convertible Senior Notes and Common Stock
Date:12/15/2010

FRAMINGHAM, Mass. and SYDNEY, Dec. 15, 2010 /PRNewswire-FirstCall/ -- HeartWare International, Inc. (Nasdaq: HTWR, ASX: HIN) ("HeartWare") announced today the completion of a public offering of $143.75 million principal amount of convertible senior notes due 2017 (the "notes"), pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission ("SEC") on December 9, 2010.  This amount includes $18.75 million aggregate principal amount of notes sold pursuant to the underwriters' exercise in full of their option to purchase an additional amount of the notes to cover over-allotments.

The notes will bear interest at a rate of 3.50% per annum and will mature on December 15, 2017.  The notes will be convertible upon the occurrence of certain events and during specified periods.  Upon conversion, HeartWare will pay or deliver, as the case may be, cash, shares of HeartWare's common stock or a combination thereof, at HeartWare's option.

The initial conversion rate will be 10.0000 shares of common stock per $1,000 principal amount of notes, which corresponds to an initial conversion price of $100.00, representing a conversion premium of approximately 23% based on the closing price of $81.31 on December 9, 2010.  The conversion rate is subject to adjustment from time to time upon the occurrence of certain events.  

The Company also announced the completion of a concurrent public offering of 1,000,000 shares of HeartWare's common stock held by Apple Tree Partners I, L.P., one of HeartWare's existing stockholders, at a price per share of $81.31 pursuant to an effective shelf registration statement filed with the SEC on December 9, 2010.  This amount includes 100,000 additional shares of common stock sold pursuant to the underwriters' exercise in full of their option to purchase additional shares of common stock to cover over-allotments.

HeartWare intends to use the net proceeds from the notes offering for general corporate and working capital purposes, including, but not limited to, research and development, expansion of its manufacturing capabilities and/or licensing of or investment in complementary products, technologies or businesses.  HeartWare will not receive any of the proceeds from the common stock offering.

J.P. Morgan Securities LLC acted as the sole book-running manager for both the convertible notes and common stock offerings.  Canaccord Genuity Inc., Lazard Capital Markets LLC and Wells Fargo Securities, LLC acted as co-managers of the offerings.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.  The issuer has filed a registration statement (including a prospectus) with the SEC for the offerings to which this communication relates.  Each offering of securities was made only by means of a prospectus and the related prospectus supplement.  You may get these documents for free by visiting EDGAR on the SEC Website at www.sec.gov.  Alternatively, copies of the prospectus and the related prospectus supplement can be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by calling 1-866-803-9204.

About HeartWare International HeartWare International develops and manufactures miniaturized implantable heart pumps, or ventricular assist devices, to treat patients suffering from advanced heart failure.  

Forward-Looking Statements This announcement contains forward-looking statements that are based on management's beliefs, assumptions and expectations and on information currently available to management.  All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements, including without limitation our expectations with respect to regulatory submissions and approvals such as FDA approval of our expected premarket approval application for our HeartWare® Ventricular Assist System for a bridge-to-transplant indication; our expectations with respect to our clinical trials, including enrollment in or completion of our clinical trials; our expectations with respect to the integrity or capabilities of our intellectual property position; our ability to commercialize our existing products; our ability to develop and commercialize new products; and our estimates regarding our capital requirements and financial performance, including profitability.  Management believes that these forward-looking statements are reasonable as and when made.  You should not place undue reliance on forward-looking statements because they speak only as of the date when made.  HeartWare does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. HeartWare may not actually achieve the plans, projections or expectations disclosed in forward-looking statements, and actual results, developments or events could differ materially from those disclosed in the forward-looking statements.  Forward-looking statements are subject to a number of risks and uncertainties, including without limitation, the possibility the FDA does not approve the marketing of the HeartWare® Ventricular Assist System in the U.S., and those described in "Part I, Item 1A.  Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission.  We may update our risk factors from time to time in "Part II, Item 1A.  Risk Factors" in our Quarterly Reports on Form 10-Q, or other current reports filed with the SEC including without limitation those described in "Item 8.01" in HeartWare's Form 8-K filed with the SEC on December 9, 2010.For further information: Christopher Taylor HeartWare International, Inc. Email: ctaylor@heartwareinc.com Phone: +1 508 739 0864
'/>"/>

SOURCE HeartWare International, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Presentation of HeartWare Clinical Results
2. HeartWare International Clinical Trial Shows 90% Survival at 180 Days
3. U.S. FDA Authorizes Expansion to 40 Clinical Sites for HeartWare U.S. Bridge-to-Transplant Clinical Trial
4. HeartWare International Reports Third Quarter Revenues of $7.5 Million
5. HeartWare to Present at 21st Annual Piper Jaffray Health Care Conference in New York City
6. HeartWare to Present at the UBS 2010 Global Life Sciences Conference
7. HeartWare to Present at Lazard Capital Markets Circulatory Assist Device Day
8. HeartWare to Report Financial Results for Third Quarter of 2010
9. HeartWare International Reports Third Quarter 2010 Revenues of $13.8 Million; Compared to $7.5 Million in Third Quarter of 2009
10. HeartWare Bridge-to-Transplant Data Featured as Late Breaking Clinical Trial at American Heart Association Scientific Sessions 2010
11. HeartWare to Present at the Lazard Capital Markets 7th Annual Healthcare Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/20/2017)... , April 20, 2017 Research and Markets ... - Innovation Driven by Rapidly Expanding Injectables Market and Increasing Usage ... offering. ... drug delivery technologies will rise from USD 20 Billion in 2015 ... Global Drug Delivery Technologies - Innovation Driven by Rapidly Expanding Injectables ...
(Date:4/20/2017)... Research and Markets has announced the addition of the ... Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2014 ... ... US$ 7,167.6 Mn in 2015, and is expected to reach ... 5.6% from 2016 to 2024. The global ...
(Date:4/19/2017)... April 19, 2017 /PRNewswire/ - CRH Medical Corporation (TSX: CRH) (NYSE MKT: CRHM) ... & Co. Healthcare Investor Conference 2017 at the Sheraton Hotel in ... , Chief Executive Officer of the Company is scheduled to present ... Richard Bear and the Chairman of the Board, Tony ... ...
Breaking Medicine Technology:
(Date:4/26/2017)... ... April 26, 2017 , ... ... and domain expertise for sponsors and CROs to speed clinical development, has ... (RTSM) software platform. Bioclinica AGILE RTSM provides seamless clinical supply ...
(Date:4/25/2017)... ... April 25, 2017 , ... Bellus Medical, a ... first in a new class of photodynamic cosmetics (PDC). , Allumera® is the ... reduce outward signs of aging, and minimize the appearance of pores – all ...
(Date:4/25/2017)... ... April 25, 2017 , ... ProRehab ... to be the preferred physical therapy provider for Derby City CrossFit, effective immediately. ... City CrossFit as quickly and effectively as possible, ProRehab’s sports physical therapists will ...
(Date:4/25/2017)... ... ... A stressful work environment can hurt the physical and emotional health of employees. ... workplace. The goal of Clearview Resolution Services has always been to help others, starting ... will be shutting down the office early on Fridays. The Clearview team will use ...
(Date:4/25/2017)... , ... April 25, 2017 , ... ... attempts to compare student test score performance for the 2015-16 school year across ... state’s voucher programs. Though it highlights important patterns in student test score performance, ...
Breaking Medicine News(10 mins):