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HeartWare International, Inc. Announces Pricing of Concurrent Public Offerings of Convertible Senior Notes and Common Stock
Date:12/10/2010

FRAMINGHAM, Mass. and SYDNEY, Dec. 10, 2010 /PRNewswire-FirstCall/ -- HeartWare International, Inc. (Nasdaq: HTWR, ASX: HIN) ("HeartWare") announced today the pricing of a public offering of $125 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") yesterday.  HeartWare announced today that it increased its previously announced offering of convertible senior notes due 2017 to $125 million in aggregate principal amount.  HeartWare also granted the underwriters an option to purchase up to an additional $18.75 million principal amount of convertible notes to cover over-allotments, if any.  

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 pricing of a concurrent public offering of 900,000 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 yesterday.  Apple Tree Partners I, L.P. has also granted the underwriters an option to purchase up to 100,000 additional shares to cover over-allotments, if any.
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SOURCE HeartWare International, Inc.
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