Loan & DebtJun 15, 2026, 04:07 PM
Adaptive Biotechnologies to Offer $250M Convertible Senior Notes
AI Summary
Adaptive Biotechnologies Corporation announced its intention to offer $250 million in convertible senior notes due 2031 in a private offering. The company also expects to grant initial purchasers an option to buy an additional $37.5 million in notes. Proceeds from the offering are intended to repay the OrbiMed Purchase Agreement, repurchase up to $25 million of common stock, and fund general corporate purposes and initiatives in the MRD business. The company plans to enter into capped call transactions to mitigate potential dilution from the conversion of notes.
Key Highlights
- Adaptive Biotechnologies intends to offer $250 million aggregate principal amount of convertible senior notes due 2031.
- Initial purchasers have an option to buy up to an additional $37.5 million aggregate principal amount of notes.
- Proceeds will be used to repay the OrbiMed Purchase Agreement to enhance financial flexibility.
- Up to $25 million of net proceeds will be used to repurchase common stock concurrently with the offering.
- Remaining capital will be deployed for general corporate purposes and opportunistic initiatives in the MRD business.
- Capped call transactions are expected to reduce potential dilution to common stock upon conversion of the notes.
- Notes will be senior, unsecured obligations and mature on July 1, 2031.
Price Impact
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