Loan & DebtMay 18, 2026, 04:13 PM
Mirum Pharmaceuticals Issues $690M 0.00% Convertible Senior Notes due 2032
AI Summary
Mirum Pharmaceuticals, Inc. issued $690.0 million aggregate principal amount of 0.00% Convertible Senior Notes due 2032, including the full exercise of the initial purchasers' option. The notes are senior, unsecured obligations maturing on June 1, 2032, and do not bear regular interest. The initial conversion price is approximately $138.94 per share, representing a 30.0% premium over the company's common stock price on May 12, 2026. A portion of the net proceeds, along with common stock, will be used to refinance approximately $237.2 million of outstanding 4.00% convertible senior notes due 2029 through privately negotiated exchange transactions.
Key Highlights
- Issued $690.0 million aggregate principal amount of 0.00% Convertible Senior Notes due 2032.
- Includes initial purchasers' full exercise of option for an additional $90.0 million in notes.
- Notes are senior, unsecured obligations and mature on June 1, 2032.
- Initial conversion rate is 7.1971 shares per $1,000 principal, conversion price $138.94 per share.
- Conversion price represents a 30.0% premium over the May 12, 2026 stock price of $106.88.
- Net proceeds estimated at $671.6 million if the option is fully exercised.
- Used $475.0 million cash and 3.2 million shares to exchange $237.2 million of 2029 notes.
Price Impact
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