Loan & DebtMay 4, 2026, 04:04 PM
Ocugen to Offer $115M Convertible Senior Notes Due 2034
AI Summary
Ocugen, Inc. announced its intention to offer $115 million aggregate principal amount of Convertible Senior Notes due 2034 in a private offering to qualified institutional buyers. The company also expects to grant the initial purchaser an option to buy up to an additional $15 million in notes. Ocugen plans to use approximately $32.7 million of the net proceeds to fully repay an outstanding loan and the remaining proceeds for general corporate purposes. The notes will be general unsecured obligations and convertible into cash, common stock, or a combination thereof.
Key Highlights
- Ocugen announced a private offering of $115 million aggregate principal amount of Convertible Senior Notes due 2034.
- The company expects to grant initial purchasers a 13-day option to buy up to an additional $15 million in notes.
- Approximately $32.7 million of the net proceeds will be used to fully repay an outstanding loan.
- Remaining net proceeds will be used for general corporate purposes.
- The notes will be general unsecured obligations, ranking senior to expressly subordinated debt.
- Interest on the notes will be payable semi-annually in arrears.
- Notes are convertible into cash, Ocugen's common stock, or a combination, at the company's election.
- The offering is to qualified institutional buyers pursuant to Rule 144A.