Teladoc Health Upsizes, Prices Convertible Notes Issue
Teladoc Health (NYSE: TDOC) stands to reap tens of millions of dollars more than it initially planned from an upcoming convertible senior notes issue. The company announced Friday that it has upsized its flotation of such securities to $850 million, from the previous goal of $800 million.
It also set the annual interest rate of the notes, which will be 1.25%. Interest is to be paid on June 1 and Dec. 1 of every year. The notes convert to 4.1258 common shares of the company per $1,000 principal amount, equating to around $242.38 per share; that's well above the latest closing stock price of $184.23. The company has the right to settle conversions either entirely in stock, or in a mix of shares and cash.
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