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NantHealth prices $100M private placement of convertible notes

NantHealth Inc. priced a private offering of $100 million of 5.50% convertible senior notes due Dec. 15, 2021, to qualified institutional buyers and a separate concurrent private placement to an entity affiliated with the Chairman and CEO Patrick Soon-Shiong.

Zimmer Biomet Holdings Inc.The offering is expected to close Dec. 21, subject to customary closing conditions.

NantHealth also granted the initial purchasers an option to buy up to an additional $15 million of the notes.

Interest on the notes is payable semiannually in arrears on June 15 and Dec. 15 of each year, starting June 15, 2017.

The initial conversion rate will be 82.3893 common shares per $1,000 of notes. The notes will be convertible into cash, NantHealth common shares or a combination both, at NantHealth's election.

NantHealth expects that aggregate net proceeds from the offering will be about $96.2 million, or $110.7 million if the initial purchasers exercise their option in full, after deducting fees and estimated expenses. It plans to use the proceeds for general corporate purposes, which may include commercializing new solutions and product extensions and potentially pursuing targeted acquisitions.