2023-06-08 03:57:44 ET
Ionis Pharmaceuticals ( NASDAQ: IONS ) prices $500M aggregate principal amount of 1.75% convertible senior notes due 2028 in a private placement to qualified institutional buyers.
The initial purchasers are granted an option to purchase, within the 13-day period beginning on up to an additional $75M notes.
The notes will be general unsecured obligations and will accrue interest payable semiannually, beginning on December 15, 2023, at a rate of 1.75% per year and mature on June 15, 2028.
Net proceeds will be ~$487.6M (or ~$560.8M if option is exercised in full).
The company expects to use ~$420.4M of the net proceeds from the offering to repurchase $434.1M in aggregate principal amount of its 0.125% convertible senior notes due 2024. The remaining proceeds will be used for additional repurchases of the 2024 notes, including the repayment of any remaining 2024 notes at maturity, and for general corporate purposes.
Closing is expected on June 12, 2023.
Stock price is down 1.6% to $40.55.
For further details see:
Ionis down 2%, prices convertible senior notes