NBIX - Neurocrine Biosciences to repurchase $179.4M of 2.25% Convertible Senior Notes due 2024
Neurocrine Biosciences (NASDAQ:NBIX) plans to repurchase ~$179.4M aggregate principal amount of its existing 2.25% Convertible Senior Notes due 2024. It entered into separate, privately negotiated transactions with certain holders of the notes to repurchase ~$179.4M of notes at an aggregate repurchase price of an amount of cash estimated to be the sum of (i) ~$224.0M, (ii) an amount based in part on the trading price of the company's common stock and (iii) accrued and unpaid interest. The transaction is expected to close over a period ending on June 14, 2022. Upon these repurchases, ~$201.8M aggregate principal of the 2024 Notes will remain outstanding, from an initial principal balance of $517.5M. CFO Matt Abernethy stated, "Given our balance sheet flexibility, we have now reduced our convertible debt levels by approximately 60% over the past two years in an effort to minimize dilution for our shareholders. Our capital allocation priorities remain focused
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Neurocrine Biosciences to repurchase $179.4M of 2.25% Convertible Senior Notes due 2024