May 20, 2020
Envista Holdings Corporation, one of the largest global dental products companies, has announced the pricing of its offering of US$450 million aggregate principal amount of 2.375% convertible senior notes due 2025 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offering size was increased from the previously announced offering size of US$400 million aggregate principal amount of notes. Envista also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date notes are first issued, up to an additional US$67.5 million principal amount of notes. Envista estimates that the net proceeds from the offering will be approximately US$436.6 million (or approximately US$502.3 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers' discounts and commissions and estimated offering expenses.
Latham & Watkins LLP represented the initial purchasers in the offering with a corporate team led by New York partners Greg Rodgers and Benjamin Cohen, with associates Andrew Blumenthal, Will Clark, Ryan Gold, Tyler Vivian, and Carolina Bernal. Advice was also provided on derivative matters by New York partners Rafal Gawlowski and Catherine Lee, with associates Jack Neff and Ariel Robbins-Rothman; and on tax matters by New York partners Jiyeon Lee-Lim and Elena Romanova, with associates Aaron Bernstein and Lea Li.