Loan & DebtJun 30, 2026, 05:22 PM
Nuvation Bio Completes $250M Convertible Senior Notes Offering
AI Summary
Nuvation Bio Inc. completed its registered underwritten public offering of $250.0 million aggregate principal amount of 0.75% Convertible Senior Notes due 2032. The offering was upsized from the previously announced $200.0 million. The company expects to use the estimated net proceeds of $241.2 million to pay for capped call transactions, repay its senior secured loan agreement in full, and for general corporate purposes. The notes have an initial conversion price of approximately $7.84 per share, representing a 35.0% premium to the last reported sale price.
Key Highlights
- Completed public offering of $250.0 million aggregate principal amount of 0.75% Convertible Senior Notes.
- Notes mature on July 1, 2032, with interest payable semiannually.
- Initial conversion price is approximately $7.84 per share, representing a 35.0% premium.
- Estimated net proceeds are $241.2 million, or $277.6 million if over-allotment option is exercised.
- Proceeds will be used to repay the senior secured loan, fund capped call transactions, and for general corporate purposes.
- Underwriters have a 30-day option to purchase up to an additional $37.5 million in notes.
- An amendment to the Revenue Interest Financing Agreement was made to permit the offering.
Price Impact
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