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Halozyme Therapeutics, Inc. Announces Pricing of Private Offering of $400 Million of Convertible Senior Notes due 2024
SAN DIEGO, Nov. 13, 2019 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) (the "Company"), a biotechnology company focused on novel biological and
About this update from Halozyme Therapeutics, Inc.
[{"type":"text","content":"SAN DIEGO, Nov. 13, 2019 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) (the \"Company\"), a biotechnology company focused on novel biological and drug delivery approaches, today announced the pricing of $400.0 million aggregate principal amount of its convertible senior notes due 2024 (the \"Convertible Notes\"). The Convertible Notes are being offered in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"). The Company granted an option to the initial purchasers to purchase up to an additional $60.0 million aggregate principal amount of Convertible Notes.\nThe Convertible Notes will be senior, unsecured, obligations of the Company and will pay interest semi-annually in arrears at an annual rate of 1.25% and will be convertible into cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, at the Company's election, based on the applicable conversion rate at such time. The Convertible Notes have an initial conversion rate of 41.9208 shares of the Company's common stock per $1,000 principal amount of Convertible Notes (which is equivalent to an initial conversion price of approximately $23.85 per share of the Company's common stock, representing an initial conversion premium of approximately 35.0% above the closing price of $17.67 per share of the Company's common stock on November 13, 2019). The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. Holders of the Convertible Notes will have the right to require the Company to repurchase all or a portion of their Convertible Notes upon the occurrence of a fundamental change (as defined in the indenture governing the Convertible Notes) at a cash repurchase price of 100% of their principal amount plus any accrued and unpaid interest. The Convertible Notes will mature on December 1, 2024, unless repurchased, redeemed or converted in accordance with their terms prior to such date. Prior to the close of business on the business day immediately preceding June 1, 2024, the Convertible Notes will be convertible only upon the satisfaction of certain conditions and during certain periods, and on and after June 1, 2024, at any time prior to the close of business on the sch...