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Halozyme Therapeutics, Inc. Announces Proposed Offering of $500 Million of Convertible Senior Notes due 2028
The Company plans to purchase up to $200 million worth of shares concurrently with, or shortly after, the pricing of the offering SAN DIEGO, Aug. 15, 2022
About this update from Halozyme Therapeutics, Inc.
[{"type":"text","content":"The Company plans to purchase up to $200 million worth of shares concurrently with, or shortly after, the pricing of the offering\nSAN DIEGO, Aug. 15, 2022 /PRNewswire/ -- Halozyme Therapeutics, Inc. (NASDAQ: HALO) (\"Halozyme\" or the \"Company\"), a leader in converting IV biologics to subcutaneous delivery and autoinjector devices, today announced that it intends to offer, subject to market conditions and other factors, $500 million aggregate principal amount of convertible senior notes due 2028 (the \"Convertible Notes\"). The Convertible Notes are to be offered and sold to \"qualified institutional buyers\" pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"). The Company also expects to grant a 13-day option to the initial purchasers to purchase up to an additional $75 million aggregate principal amount of Convertible Notes.\nThe Convertible Notes will be senior, unsecured obligations of the Company and will accrue interest payable semi-annually in arrears. The Convertible Notes will mature on August 15, 2028, unless earlier redeemed, repurchased or converted in accordance with their terms prior to such date. Prior to the close of business on the business day immediately preceding February 15, 2028, the Convertible Notes will be convertible only upon the satisfaction of certain conditions and during certain periods, and on and after February 15, 2028, at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date, the Convertible Notes will be convertible regardless of these conditions. The Company will settle conversions in cash and, if applicable, shares of the Company's common stock. The initial conversion rate, interest rate and other terms of the Convertible Notes will be determined at the time of pricing in negotiations with the initial purchasers of the Convertible Notes.\nIn connection with the offering, the Company intends to enter into privately negotiated capped call transactions with option counterparties that may include one or more of the initial purchasers and/or their affiliates and/or other institutions. If the initial purchasers exercise their option to purchase additional notes, the Company may enter into additional capped call transactions with the option counterparties. The capped call transactions are genera...