Loan & DebtJun 16, 2026, 07:06 AM
PTC Therapeutics Prices $500M 0% Convertible Notes to Refinance 2026 Debt
AI Summary
PTC Therapeutics, Inc. announced the pricing of a $500.0 million aggregate principal amount of 0.00% Convertible Senior Notes due 2031. The company also granted initial purchasers an option to buy an additional $50.0 million in notes. Approximately $328.8 million of the net proceeds will be used to repurchase $222.0 million of its outstanding 1.5% Convertible Senior Notes due 2026, with the remaining proceeds for general corporate purposes and further repurchases of the 2026 notes.
Key Highlights
- Priced $500.0 million aggregate principal amount of 0.00% Convertible Senior Notes due 2031.
- Granted initial purchasers an option to buy an additional $50.0 million in notes.
- Expects net proceeds of approximately $486.8 million from the offering.
- Will use approximately $328.8 million to repurchase $222.0 million of 1.5% Convertible Senior Notes due 2026.
- Remaining net proceeds for general corporate purposes and additional 2026 note repurchases.
- Initial conversion price of approximately $107.48 per share, a 40% premium over June 15, 2026 closing price.
- Notes are general senior unsecured obligations and will not bear regular interest.
Price Impact
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