Esperion Announces Pricing of Offering of $250.0 Million of Convertible Senior Subordinated Notes

About this update from Esperion Therapeutics, Inc.

[{"type":"text","content":"ANN ARBOR, Mich., Nov. 12, 2020 (GLOBE NEWSWIRE) -- Esperion (NASDAQ: ESPR) today announced the pricing of $250.0 million aggregate principal amount of 4.00% Convertible Senior Subordinated Notes due 2025 (the “notes”) in a private offering (the “offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The size of the offering was increased from the previously announced $200.0 million aggregate principal amount of notes. In connection with the offering, Esperion also granted the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $30.0 million aggregate principal amount of the notes. The sale of the notes is expected to settle on November 16, 2020, subject to customary closing conditions.\n The notes will be senior unsecured obligations of Esperion that are subordinated in right of payment to indebtedness, obligations and other liabilities under Esperion’s revenue interest purchase agreement, the revenue interests issued pursuant to such agreement, and any refinancing of the foregoing. The notes will bear interest at a rate of 4.00% per year, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2021. The notes will mature on November 15, 2025, unless earlier converted, redeemed or repurchased. Esperion may not redeem the notes prior to November 20, 2023. Esperion may redeem for cash all or any portion of the notes, at its option, on or after November 20, 2023, if the last reported sale price of Esperion’s common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the last trading day immediately preceding the date on which Esperion provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which Esperion provides notice of redemption, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The notes will be convertible at an initial conversion rate of 30.2151 shares of Esperion’s common stock per $1,000 principal ...

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