Loan & DebtJun 4, 2026, 07:02 AM
Syndax to Issue $250M 2.25% Convertible Senior Notes due 2031
AI Summary
Syndax Pharmaceuticals has entered into privately negotiated agreements for the issuance of $250.0 million aggregate principal amount of 2.25% Convertible Senior Notes due 2031. The private placement is expected to close on June 10, 2026, yielding approximately $243 million in net proceeds. Syndax plans to utilize these funds for general corporate purposes, including working capital, research and development, commercialization, and business development expenditures. The notes will mature on June 15, 2031, and have an initial conversion price of $24.76 per share, representing a 35% premium over the last reported sale price.
Key Highlights
- Syndax to issue $250.0 million aggregate principal of 2.25% Convertible Senior Notes.
- Net proceeds from the private placement are estimated at approximately $243 million.
- Notes mature on June 15, 2031, with interest payable semiannually.
- Initial conversion rate is 40.3894 shares of common stock per $1,000 principal.
- Initial conversion price of $24.76 per share represents a 35% premium.
- Proceeds will be used for general corporate purposes, R&D, and commercialization.
Price Impact
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