ANI Pharmaceuticals, Inc. Prices Upsized $275.0 Million Convertible Senior Notes Offering

About this update from Ani Pharmaceuticals, Inc.

[{"type":"text","content":"PRINCETON, N.J., Aug. 07, 2024 (GLOBE NEWSWIRE) -- ANI Pharmaceuticals, Inc. (ANI or the Company) (Nasdaq: ANIP) today announced the pricing of its offering of $275,000,000 aggregate principal amount of 2.25% convertible senior notes due 2029 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering size was increased from the previously announced offering size of $250,000,000 aggregate principal amount of notes. The issuance and sale of the notes are scheduled to settle on August 13, 2024, subject to customary closing conditions. ANI also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $41,250,000 principal amount of notes. The notes will be senior, unsecured obligations of ANI and will accrue interest at a rate of 2.25% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2025. The notes will mature on September 1, 2029, unless earlier repurchased, redeemed or converted. Before June 1, 2029, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and after June 1, 2029, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. ANI will settle conversions in cash and, if applicable, shares of its common stock. The initial conversion rate is 13.4929 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $74.11 per share of common stock. The initial conversion price represents a premium of approximately 30.0% over the last reported sale price of $57.01 per share of ANI’s common stock on August 7, 2024. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at ANI’s option at any time, and from time to time, on or after September 1, 2027 and on or before the 61st scheduled trading day immediately before the maturity date, but only if the last reported sale pric...

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