Shockwave Medical $750 million convertible senior notes offering
The 1% convertible notes are due 2028
Davis Polk advised the sole book-running manager and initial purchaser in connection with a Rule 144A offering by Shockwave Medical, Inc. of $750 million aggregate principal amount of its 1.00% convertible senior notes due 2028, which included the full exercise of the initial purchaser’s option to purchase an additional $100 million aggregate principal amount of the convertible senior notes. In addition, Davis Polk advised the counterparties to the capped call transactions entered into by Shockwave in connection with the offering.
Headquartered in Santa Clara, California, Shockwave Medical, Inc. is a medical device company focused on developing and commercializing novel technologies that transform the care of patients with cardiovascular disease. Shockwave Medical aims to establish a new standard of care for medical device treatment of atherosclerotic cardiovascular disease through its differentiated and proprietary local delivery of sonic pressure waves for the treatment of calcified plaque.
The Davis Polk corporate team included Alan F. Denenberg, counsel Jason Bassetti and associates Paula Gergen and Sunny Xu. The equity derivatives team included partner Caitlin L. Wood and associates Stockton Bullitt and Eugenia S. Lee. The intellectual property team included partner David R. Bauer. Partner Michael Farber and associate William Liang provided tax advice. Members of the Davis Polk team are based in the Northern California and New York offices.