Press release
Sarepta Therapeutics Announces Refinancing of Approximately $700 Million of 1.25% Convertible Senior Notes due 2027
- Sarepta entered into exchange agreements with a limited number of holders of its Convertible Senior Notes due 2027 that will extend maturity to 2030 while
About this update from Sarepta Therapeutics, Inc.
[{"type":"text","content":"\n- Sarepta entered into exchange agreements with a limited number of holders of its Convertible Senior Notes due 2027 that will extend maturity to 2030 while also de-levering the balance sheet\n\n\n- The transaction further strengthens Sarepta’s capital structure and reflects its proactive approach to managing liabilities\n\n\n 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”) in each case pursuant to exemptions from registration under the Securities Act of 1933, as amended (the “Securities Act”). Pursuant to the exchange agreements, the Company will exchange approximately $700.0 million in aggregate principal amount of the Existing Convertible Notes for approximately $602.0 million in aggregate principal amount of new 4.875% convertible senior notes due 2030 (the “New Convertible Notes”), up to approximately 6.7 million shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), and approximately $123.3 million in cash (such exchanges, collectively, the “Exchange”). The New Convertible Notes have an initial conversion rate of 16.6667 shares of Common Stock per $1,000 principal amount of New Convertible Notes (which is equivalent to an initial conversion price of approximately $60.00 per share of Common Stock), representing an approximately 191.5% conversion premium based on the last reported sale price of Common Stock of $20.58 per share on August 20, 2025. Additionally, the Company entered into a privately negotiated subscription agreement with J. Wood Capital Advisors LLC for the private placement of up to approximately 1.4 million shares of Common Stock (together with the Exchange, the “Transactions”).\n\n\n\"This exchange marks important progress in our long-term financial strategy,\" said Doug Ingram, chief executive officer, Sarepta. \"By extending the maturity of a meaningful portion of our convertible notes to 2030, we have completed a shareholder-friendly transaction that significantly enhances our balance sheet flexibility and strengthens our financial position. With our go-forward cash flows and liquidi...