Loan & DebtJun 4, 2026, 07:26 AM
Syndax Pharmaceuticals to Issue $250M in Convertible Senior Notes
AI Summary
Syndax Pharmaceuticals Inc. announced a private placement of $250.0 million in aggregate principal amount of 2.25% Convertible Senior Notes due 2031. The sale is expected to close on June 10, 2026, with estimated net proceeds of $243 million intended for general corporate purposes. The notes will mature in June 2031 and are convertible under certain conditions, with an initial conversion price representing a 35% premium over the recent stock price. The company may redeem the notes starting in June 2029, and noteholders have repurchase rights upon a fundamental change.
Key Highlights
- Syndax Pharmaceuticals Inc. to issue $250.0 million in 2.25% Convertible Senior Notes due 2031.
- The notes will mature on June 15, 2031, with interest payable semiannually.
- Initial conversion price is approximately $24.76 per share, a 35% premium over the June 3, 2026 closing price.
- Net proceeds estimated at $243 million, to be used for general corporate purposes.
- Notes are senior unsecured obligations and may be convertible under specific conditions or at holder's option after March 15, 2031.
- Syndax may redeem notes on or after June 20, 2029, under certain conditions.
- Noteholders can require repurchase upon a fundamental change, at 100% of principal plus accrued interest.
Price Impact
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