Client Relationship
OSI Systems

OSI
Systems

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

2
Mandates in
16 months
+75%
OSI shares between
the two offerings
$925mm
Total convertible
volume
Transaction History

A sophisticated
repeat issuer.

July
2024
1st mandate
New Issue Convertible
$350MM 2.25% Convertible Senior Notes due 2029

OSI engaged HudsonWest for its first convertible since exiting the convertible market in 2022. A highly targeted wall-cross focused on fundamental accounts drove strong receptivity, allowing OSI Systems to execute on favorable terms. The offering was upsized with the greenshoe fully exercised — OSI shares rose 3.2% during the day, one of the strongest file-to-offer reactions in recent history.

$350mm
Case Study
Nov
2025
2nd mandate
New Issue Convertible
$575MM 0.50% Convertible Senior Notes due 2031

With OSI shares up 75% since the 2024 offering, HudsonWest again advised on a new convertible following a positive earnings release. The transaction was upsized from $400MM to $575MM (including greenshoe) and priced at the best end of the range on both coupon and conversion premium. Stock price reaction was again favorable, with OSI shares down just 2.4% on a day when broader markets fell significantly.

$575mm
Case Study
The Relationship

Back-to-back mandates
in sixteen months

After OSI Systems engaged HudsonWest in July 2024 for its first convertible offering since its inaugural 2017 convertible matured in 2022, the parties remained in continuous dialogue.

HudsonWest monitored the existing bonds and the company’s strengthening operational profile, and when OSI shares jumped following a positive earnings release in November 2025, providing a catalyst for issuance, HudsonWest was ready to move quickly — and OSI engaged HudsonWest again.

Client Since
2024 (2 years)
Total Mandates
2
Transaction Types
144A New Issue Convertible
Sector
Homeland Security,
Defense, Healthcare
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