ALNY - Alnylam to offer $900M convertible senior notes

• The shares of Alnylam Pharmaceuticals, Inc. ( NASDAQ: ALNY ), a biotech focused on RNAi therapeutics, trended lower in the pre-market trading Monday after the company announced the start of a private offering of $900M of senior convertible notes due 2027.
• The initial purchasers will be eligible for an option to buy an additional $135M of the notes, ALNY said, adding that the offering is subject to market and other closing conditions.
• The interest rate, initial conversion rate, and other terms of the notes will be set at the pricing of the offering.
• The notes will be redeemable for cash on or after September 20, 2025, if the last-reported price of ALNY stock exceeds 130% of the conversion price for a particular period.
• In connection with the offering, the company intends to form privately negotiated capped call transactions with option counterparties.
• The intentions of the offering include raising funds for capped call transactions and repayment of debt and interest.
• With its Q2 2022, ALNY posted $575.6M in cash and cash equivalents in July.

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