Press release
Sarepta Therapeutics Announces Refinancing of Approximately $291 Million of 1.25% Convertible Senior Notes due 2027
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, today announced
About this update from Sarepta Therapeutics, Inc.
[{"type":"text","content":" CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nSarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, today announced that it has entered into separate, privately negotiated exchange agreements with a limited number of holders of its 1.25% convertible senior notes due 2027 (the “Existing Convertible Notes”). Pursuant to the exchange agreements, the Company will exchange approximately $291.4 million in aggregate principal amount of the Existing Convertible Notes for approximately $291.4 million in aggregate principal amount of new 4.875% convertible senior notes due 2030 (the “New Convertible Notes”) and approximately $31.6 million in cash (such exchanges, collectively, the “Exchange”), in each case pursuant to exemptions from registration under the Securities Act of 1933, as amended (the “Securities Act”).\n\nThe Exchange is expected to close on or about December 18, 2025, subject to customary closing conditions. The issuance of the New Convertible Notes will occur pursuant to the indenture related to the New Convertible Notes, dated as of August 28, 2025, between the Company and U.S. Bank National Association, as trustee, and the first supplemental indenture thereto. The New Convertible Notes will be issued as part of the same series as the approximately $602 million of 4.875% convertible senior notes due 2030 originally issued in August 2025, and following the closing of the Exchange, the aggregate principal amount of the Company’s 4.875% Convertible Senior Notes due 2030 will total $893.4 million. Following the closing of the Exchange, approximately $158.6 million in aggregate principal amount of the Existing Convertible Notes will remain outstanding with terms unchanged.\n\nThe offer and sale of the New Convertible Notes, including the Company’s common stock, par value $0.0001 per share (“Common Stock”), issuable upon conversion of the New Convertible Notes, if any, are not being registered under the Securities Act, or any state securities laws. The New Convertible Notes and Common Stock, including Common Stock issuable upon conversion, if any, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and any applicable state securities laws.\n\nIn connection with the Exchange, the Company has been advised tha...