ALNY - Alnylam prices $900M debt offering

• Alnylam ( NASDAQ: ALNY ) has priced its previously announced private offering of $900M principal amount of 1.00% convertible senior notes due 2027.
• The initial purchasers are granted an option to purchase an additional $135.0M aggregate principal amount of the notes.
• Offering is expected to close on September 15, 2022.
• The notes will accrue interest at a rate of 1.00% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2023.
• The notes will mature on September 15, 2027.
• The initial conversion rate is 3.4941 shares of common stock per $1,000 principal amount of the notes, which represents an initial conversion price of ~$286.20 per share of Alnylam’s common stock.
• The initial conversion price represents a premium of ~35.0% above the last reported sale price of the Alnylam’s common stock on The Nasdaq Global Select Market on September 12, 2022, which was $212.00/share.
• Net proceeds from the offering of the notes will be ~$883.2M and intends to use ~$103.1M of the net proceeds from the offering to pay the cost of the capped call transactions and intends to use ~$762.0M of the net proceeds from the offering to repay borrowings and accrued and unpaid interest, and to pay the prepayment premium, under and terminate its current credit agreement, and the remainder of the net proceeds for general corporate purposes.

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