JWCA advises impinj on its upsized $287.5 million convertible 

NOVEMBER 2021 | read press release

Transaction Background

Impinj wanted to refinance its existing convertible and lower its cost of capital

Impinj engaged J. Wood Capital Advisors to assist in the structuring, negotiation, documentation and execution of its transaction

  • New convertible and repurchase consideration/structuring

  • Left existing capped call outstanding after extensive analysis

  • Accounting analysis/implications

  • Convertible documentation advice to ensure maximum value and future efficiency/flexibility for the company

  • Syndicate structure and precedent data

JWCA provided advice, support and analysis throughout the negotiation and execution process

Results

Impinj’s results were very company-friendly:

  • Priced with a 1.125% coupon, which was lower than the marketed coupon range of 1.25 – 1.75%

  • Priced the conversion premium at 42.5%, which was the company-friendly end of the 37.5 – 42.5marketed range

  • Upsized the transaction by $25 million

  • Stock was up 7% on the day and closed at an all-time high

Retired ~$76mm (89%) of existing 2026 bonds with minimal cost

  • Effectively increased conversion price to $111.18 from $34.55 and lowered coupon to 1.125% from 2.00%