Goodwin’s Capital Markets team advised the initial purchasers on Impinj’s Rule 144A offering of its 0.0% Convertible Senior Notes due 2029. The offering was upsized from $150 million to $170 million plus the full exercise of the initial purchasers’ option to purchase $20 million of additional notes. The initial conversion price of the notes represents a premium of approximately 37.5% over the reference price of $194.47 per share. In connection with the offering, Impinj and certain investment bank dealers entered into capped call transactions, which mitigate equity dilution and/or offset payments due upon conversion of the notes, to synthetically increase the conversion price to 75% above the reference price.
Impinj, Inc. (NASDAQ: PI) helps businesses and people analyze, optimize, and innovate by wirelessly connecting billions of everyday things – such as apparel, automobile parts, luggage, and shipments – to the Internet.
Goodwin’s product team consisted of Jim Barri, John Servidio, Kim de Glossop, Christian Fan and Jason Wu. The corporate team consisted of Brad Weber, Julia White, Griffin Drake and Haley Schubert-Nieh. Dan Karelitz and Garrett Gaughan provided tax advice.
For more information, please see Impinj’s pricing press release for the offering.