Business
PTC Therapeutics Announces Pricing of Convertible Notes Offering to Refinance 2026 Convertible Notes
PTC Therapeutics, Inc., (NASDAQ: PTCT) today announced the pricing of $500.0 million aggregate principal amount of 0% Convertible Senior Notes due 2031 (the "Notes") in a private placement (the "Offering") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). PTC also granted the initial purchasers an option to purchase, within the 13-day period beginning on, and including, the date on which the Notes are first issued, up to
About this update from Ptc Therapeutics, Inc.
– Refinancing transaction with proceeds to be utilized to repurchase or repay the 2026 convertible notes prior to or at maturity – – Offering made at 0% interest with conversion price of $107.48, a 40% premium over the closing price on June 15, 2026 – WARREN, N.J., June 15, 2026 /PRNewswire/ -- PTC Therapeutics, Inc., (NASDAQ: PTCT) today announced the pricing of $500.0 million aggregate principal amount of 0% Convertible Senior Notes due 2031 (the "Notes") in a private placement (the "Offering") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). PTC also granted the initial purchasers an option to purchase, within the 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $50.0 million aggregate principal amount of Notes from PTC. The sale of the Notes is expected to close on June 18, 2026, subject to the satisfaction of customary closing conditions. The Notes will be general senior unsecured obligations of PTC, and will not bear regular interest and the principal amount of the Notes will not accrete. The Notes will mature on June 15, 2031, unless earlier converted, repurchased or redeemed. PTC estimates that the net proceeds from the Offering will be approximately $486.8 million (or approximately $535.5 million if the initial purchasers exercise their option to purchase additional Notes in full), after deducting the initial purchasers' discounts and commissions and estimated offering expenses payable by PTC. PTC expects to use approximately $328.8 million of the net proceeds from the Offering to repurchase for cash $222.0 million in aggregate principal amount of its 1.5% Convertible Senior Notes due 2026 (the "2026 Notes") pursuant to the concurrent note repurchase transactions described below. Given the dynamics of the Offering, PTC will not use any proceeds of the Offering to repurchase, concurrently with the Offering, shares of its common stock sold short by initial investors in the Offering. The remaining net proceeds from the Offering will be used for general corporate purposes, which may include additional repurchases of the 2026 Notes from time to time following the Offering and the repayment or retirement of any ...
View stock analysis, news, and events for Ptc Therapeutics, Inc.