Loan & DebtMay 11, 2026, 05:12 PM
Travere Completes $525M Convertible Notes Offering; Refinances 2029 Notes
AI Summary
Travere Therapeutics, Inc. completed its registered public offering of $525.0 million aggregate principal amount of 0.50% Convertible Senior Notes due 2032. This amount includes the full exercise of the underwriters' $50.0 million over-allotment option. Approximately $350.9 million of the net proceeds will be used to repurchase $221.4 million of its outstanding 2.25% senior convertible notes due 2029, with the remainder allocated for general corporate purposes. The new notes mature on May 15, 2032, bear 0.50% annual interest, and have an initial conversion price of approximately $64.90 per share.
Key Highlights
- Completed public offering of $525.0 million 0.50% Convertible Senior Notes due 2032.
- Offering included full exercise of $50.0 million over-allotment option by underwriters.
- Used $350.9 million of proceeds to repurchase $221.4 million of 2.25% convertible notes due 2029.
- New notes mature on May 15, 2032, with 0.50% annual interest.
- Initial conversion price is approximately $64.90 per share.
- Estimated net proceeds from offering are $460.0 million, or $508.5 million if over-allotment fully exercised.
- Remaining net proceeds will be used for general corporate purposes.