BUZZ-Novavax falls on move to refinance $225 million convertible bonds
Shares of Novavaxfell 7.8% to $8.06 in premarket trading following the announcement of a refinancing move involving $225 million in 4.625% convertible bonds due 2031. The company will exchange approximately $175.3 million of existing convertible bonds due 2031 for $148.7 million of 5.00% bonds due 2027, along with ~$49.7 million in cash. The new conversion price is set at $11.14 per share, a 27.5% premium to the last close. Novavax has a market cap of $1.42 billion and 162.42 million shares outstanding.
Shares of vaccine maker Novavax (NVAX.O) fall 7.8% to $8.06 premarket
NVAX to issue $225 million of 4.625% convertible bonds due 2031
About $175.3 million of its convertible bonds due 2031 issued in exchange for $148.7 million of 5.00% of convertible bonds due 2027 and ~$49.7 million of 2031 notes sold for cash
The conversion price set at $11.14 per share represents a 27.5% premium to NVAX’s last close
About $26.5 million of 2027 notes will remain outstanding, NVAX says
Co has 162.42 million shares outstanding and has a market cap of $1.42 billion, as per data compiled by LSEG
As of last close, NVAX up 8.7% YTD
