OSI
Systems

OSI Systems is a vertically integrated designer and manufacturer of specialized electronic systems for critical applications in homeland security, healthcare, defense, and aerospace.

Transaction Terms

Offering Size

$575MM ($500MM Base + $75MM Greenshoe)

Security

0.50% Convertible Senior Notes

Maturity

2031 (6 Years)

Conversion Premium

32.5%

Launch Size

$400MM (upsized to $575MM)

Use of Proceeds

RCF paydown; up to $175MM share repurchase

Execution

144A, one-day marketed

Situation Overview

Two convertibles
in sixteen months

HudsonWest had previously advised OSI Systems on its July 2024 convertible notes offering. Since that issuance, OSI shares were up 75% amidst very strong operational performance.

In November 2025, OSI shares jumped following a positive earnings release. The Company wanted to be in position quickly to execute amidst a favorable market backdrop and engaged HudsonWest again as advisor.

HudsonWest’s Role

Best end
of marketing ranges

Rapid Positioning

HudsonWest maintained continuous dialogue with OSI Systems since its 2024 issuance, monitoring the existing bonds and OSI's strengthening issuer profile. When shares jumped on earnings, HudsonWest helped OSI be in position quickly to execute amidst a favorable market backdrop.

Documentation and Accounting

HudsonWest assisted the deal team with documentation and accounting efforts and advised OSI on market dynamics, positioning and timing — drawing on experience from the prior mandate to move efficiently.

Exceptional Pricing

The transaction was upsized from $400MM at launch to $575MM (including the greenshoe) and priced at the best end of the range on both coupon and conversion premium. OSI shares traded off just 2.38% on a day when broader markets fell significantly.

Long-Only Heavy Order Book

The final order book was heavy on long-only investors, ensuring OSI was able to downsize the final share repurchase and retain additional proceeds for corporate purposes.

OSISystems

Two convertiblesin sixteen months

Best endof marketing ranges

Let's start aconversation.

OSI
Systems

Two convertibles
in sixteen months

Best end
of marketing ranges

Let's start a
conversation.