Irish medical diagnostic firm Trinity Biotech has priced a private $100 million convertible debt offering to institutional investors, the proceeds of which will be used primarily to fund future acquisitions.

The Exchangeable Senior Notes due 2045 will bear interest of 4.00 per cent paid semi-annually. Initial purchasers will have a 30-day option to buy an additional $15 million of notes, Trinity Biotech said.

The company, which is based in Bray, Co Wicklow, and quoted on the Nasdaq exchange, said its expects that the net proceeds from the offering will be approximately $96.4 million.

Trinity Biotech develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market. Founded in 1992, it has a portfolio of more than 400 products, which it sells in over 75 countries.