Loan & DebtJun 11, 2026, 07:21 AM
Xeris Biopharma to Retire $23M Convertible Notes, Save $2M Annually
AI Summary
Xeris Biopharma Holdings, Inc. announced privately negotiated exchange agreements with certain noteholders to retire approximately $23 million in aggregate principal amount of its 8.00% Convertible Senior Notes due 2028. The exchange consideration will consist of cash, representing the principal amount, and shares of the company's common stock, determined by a 21-trading day volume-weighted average price. This transaction is expected to reduce outstanding notes by 69% to $10.5 million and generate approximately $2 million in annual interest savings, with closing anticipated around July 15, 2026.
Key Highlights
- Xeris Biopharma entered agreements to exchange approximately $23 million of its 8.00% Convertible Senior Notes due 2028.
- The exchanged notes represent approximately 69% of the outstanding principal amount.
- Following the exchange, $10.5 million in aggregate principal amount of the 2028 Notes will remain outstanding.
- The transaction is expected to result in approximately $2 million in annual interest savings.
- Consideration for the exchange includes approximately $23 million in cash and shares of common stock.
- The share portion will be determined by the volume-weighted average price over a 21-trading day period.
- Approximately 4.6 million shares of common stock are expected to be issued based on a $6.71 closing price.
- The closing of the exchange is expected to occur on or about July 15, 2026.
Price Impact
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