Press release
KalVista Prices Upsized Offering of $125.0 Million of 3.250% Convertible Senior Notes Due 2031
FRAMINGHAM, Mass. & SALISBURY, England--(BUSINESS WIRE)-- KalVista Pharmaceuticals, Inc. (“KalVista”) (NASDAQ: KALV), announced today the pricing of its
About this update from Kalvista Pharmaceuticals, Inc.
[{"type":"text","content":" FRAMINGHAM, Mass. & SALISBURY, England--(BUSINESS WIRE)--\nKalVista Pharmaceuticals, Inc. (“KalVista”) (NASDAQ: KALV), announced today the pricing of its offering of $125.0 million aggregate principal amount of 3.250% Convertible Senior Notes due 2031 (the “notes”) in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of the offering was increased from the previously announced offering size of $110.0 million. KalVista also granted the initial purchasers of the notes an option to purchase, for settlement within a 13-day period from, and including, the date on which the notes are first issued, up to an additional $18.75 million aggregate principal amount of notes. The sale of the notes is expected to close on September 29, 2025, subject to customary closing conditions.\n\n\nThe notes will be senior, unsecured obligations of KalVista, and will bear interest at a rate of 3.250% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2026. The notes will mature on October 1, 2031, unless earlier converted, repurchased or redeemed in accordance with the terms of the notes. Prior to 5:00 p.m., New York City time, on the business day immediately preceding July 31, 2031, the notes will be convertible at the option of holders of the notes only upon satisfaction of certain conditions and during certain periods, and thereafter, the notes will be convertible at the option of holders at any time until 5:00 p.m., New York City time, on the second scheduled trading day immediately preceding the maturity date, regardless of whether such conditions have been met. Upon conversion, the notes may be settled in shares of KalVista’s common stock, cash or a combination of cash and shares of KalVista’s common stock, at the election of KalVista. The initial conversion rate is 59.4919 shares of KalVista’s common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $16.81 per share of KalVista’s common stock, representing an approximate 30.0% premium based on the last reported sale price of KalVista’s common stock on The Nasdaq Global Market on September 24, 2025 of $12.93 per share). The initial conv...