Loan & DebtJun 22, 2026, 04:17 PM
Adaptive Biotechnologies Issues $345M 0% Convertible Senior Notes due 2031
AI Summary
Adaptive Biotechnologies Corporation announced the issuance of $345 million in aggregate principal amount of 0% Convertible Senior Notes due 2031, including the full exercise of the initial purchasers' option. The company received approximately $334.5 million in net proceeds, which will be used to repay $156.9 million of the OrbiMed Purchase Agreement, fund $25.6 million for capped call transactions, repurchase 1,451,800 shares of common stock for $25.0 million, and allocate the remainder for general corporate purposes and opportunistic initiatives in the MRD business. The notes have an initial conversion price of $24.11 per share, representing a 40.0% premium over the last reported sale price.
Key Highlights
- Issued $345 million in aggregate principal amount of 0% Convertible Senior Notes due 2031.
- Net proceeds from the offering were approximately $334.5 million.
- Used $25.6 million of net proceeds for capped call transactions.
- Repurchased 1,451,800 shares of common stock for $25.0 million.
- Used $156.9 million of net proceeds to repay the OrbiMed Purchase Agreement.
- Initial conversion price is approximately $24.11 per share, a 40.0% premium over $17.22.
- Notes mature on July 1, 2031, and are senior, unsecured obligations.
Price Impact
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