The notes are convertible into shares of the company’s common stock at an initial conversion rate of 38.6548 shares per $1,000 principal amount of the notes, subject to adjustment in certain circumstances, which represents an initial conversion price of approximately $25.87 per share.
The company received approximately $166.7 million from the sale of the notes after deducting the underwriting discount and estimated offering expenses. The company intends to use the net proceeds from the offering for general corporate purposes. Merrill Lynch & Co. and Goldman, Sachs & Co. acted as joint book-running managers of the public offering.