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Impinj, Inc. Announces Upsize and Pricing of Offering of $250 Million of 1.125% Convertible Senior Notes Due 2027
SEATTLE--(BUSINESS WIRE)-- Impinj, Inc. (Nasdaq: PI) a leading RAIN RFID provider and Internet of Things pioneer, today announced the pricing of $250 million
About this update from Impinj, Inc.
[{"type":"text","content":" SEATTLE--(BUSINESS WIRE)--\nImpinj, Inc. (Nasdaq: PI) a leading RAIN RFID provider and Internet of Things pioneer, today announced the pricing of $250 million aggregate principal amount of Convertible Senior Notes due 2027 (the “notes”) in a private offering (the “offering”) to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The size of the offering was increased from the previously announced $225 million in aggregate principal amount. Impinj also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $37.5 million aggregate principal amount of the notes. The sale of the notes to the initial purchasers is expected to settle on November 5, 2021, subject to customary closing conditions, and is expected to result in approximately $241.9 million in net proceeds to Impinj after deducting the initial purchasers’ discount and estimated offering expenses payable by Impinj (assuming no exercise of the initial purchasers’ option to purchase additional notes).\n\nThe notes will be senior, unsecured obligations of Impinj. The notes will bear interest at a rate of 1.125% per year. Interest will be payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2022. The notes will mature on May 15, 2027, unless earlier redeemed, repurchased or converted. Impinj may not redeem the notes prior to November 20, 2024. Impinj may redeem for cash all or any portion of the notes, at its option, on or after November 20, 2024, if the last reported sale price of Impinj’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on and including the trading day preceding the date on which Impinj provides notice of redemption at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the notes, which means that Impinj is not required to redeem or retire the notes periodically. Holders of the notes will have the right to require Impinj to repurchase for cash all or a portion of their notes upon t...