JWCA advises LeMaitre Vascular on its debut $172.5 million convertible transaction

december 2024 | read press release

Transaction Overview

LeMaitre Vascular, Inc. (“LMAT”) successfully raised $172.5mm in the convertible market at attractive terms (2.50% coupon and 30.0% conversion premium)

LeMaitre’s objectives included:

• Raise low cost capital for working capital and other general corporate purposes, including acquisitions

• Take advantage of the strong convertible market and business momentum

LeMaitre engaged J. Wood Capital Advisors to assist in the structuring, negotiation, documentation and execution of the transaction

JWCA provided extensive analysis on deal structuring and related items, including:

• Conducting a comprehensive RFP process to identify the lead bank

• Convertible structure and documentation support

• Syndicate structure and precedent data

• Accounting analysis / implications

• Shareholder messaging

• Advice on pricing on the day of execution

JWCA provided advice, support and analysis throughout the execution process

Results

LeMaitre offering was very well received by investors:

• The transaction was multiple times oversubscribed, reflecting strong interest for a healthcare convertible issuer. There was a strong order book of long-only investors

• 2.50% coupon priced at the low end of the marketed range and 30.0% conversion premium priced at the midpoint of the marketed range