Lead Manager
Cutera, Inc.
Equity Capital Markets
Convertible Senior Notes Offering
Transaction Details
- On March 5, 2021, Cutera, Inc. (“Cutera” or the “Company”) announced the pricing of $125 million aggregate principal amount of 2.25% Convertible Senior Notes due 2026 (the “notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended
- The Company also granted the initial purchasers of the notes an option to purchase up to an additional $13.25 million aggregate principal amount of the notes
- The notes will be general senior, unsecured obligations of Cutera, will not bear regular interest, and the principal amount of the notes will not accrete
- The initial conversion rate for the notes is 30.1427 shares of Cutera’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $33.18 per share of common stock, representing a premium of approximately 27.5% over the last reported sale price of Cutera’s common stock on March 4, 2021)
- Cutera intends to use approximately $14.6 million of the net proceeds from the offering to pay the cost of capped call transactions and the remainder for general corporate purposes, which may include working capital, capital expenditures and potential acquisitions and strategic transactions
About the company
Cutera, Inc. (Nasdaq: CUTR) was founded in 1998 and is a global provider of Face + Body laser, light, and other energy-based aesthetic systems. The Company designs, develops, manufactures, and markets its platforms for use by physicians and other qualified practitioners enabling them to provide safe and effective aesthetic treatments to their customers. Cutera is headquartered near San Francisco in Brisbane, California, and has international offices in Australia, Belgium, Canada, France, Hong Kong, Japan, and Switzerland. In addition, the Company distributes its products globally through distributors in over 65 countries.
Sources: Company filings and press release.
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The offering of the convertible notes was made only by means of an offering memorandum in a private offering to qualified institutional buyers (as defined in Rule 144A under the Securities Act of 1933). The notes and the shares of the Company’s common stock issuable upon conversion of the notes, if any, have not been registered under the Securities Act of 1933 or any state securities laws and the Company does not intend to file a shelf registration statement for resale of the notes or such common stock, if any.
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