PTC Therapeutics Announces Proposed Convertible Notes Offering to Refinance 2026 Convertible Notes

About this update from Ptc Therapeutics, Inc.

– Proceeds to be used to repurchase or repay 2026 convertible notes prior to or at maturity – – Offering to include buyback of common stock – WARREN, N.J., June 15, 2026 /PRNewswire/ -- PTC Therapeutics, Inc., (NASDAQ: PTCT) today announced that it intends to offer, subject to market conditions and other factors, $500.0 million aggregate principal amount of 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 intends to grant the initial purchasers an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to $50.0 million of additional Notes. The Notes will be general senior unsecured obligations of PTC and will accrue interest payable semiannually in arrears. The Notes will mature on June 15, 2031, unless earlier converted, repurchased or redeemed. Upon conversion, PTC will pay or deliver, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at PTC's election. The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of pricing of the Offering. PTC expects to use net proceeds from the Offering for repurchases of a portion of its 1.5% Convertible Senior Notes due 2026 (the "2026 Notes") concurrently with the Offering, and for the repayment or retirement of any remaining 2026 Notes at maturity. PTC also expects to repurchase shares of common stock in an amount of approximately $50.0 million, through privately negotiated transactions effected concurrently with the Offering, although the amount of its common stock that PTC actually repurchases may be more or less than $50 million. Any 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. In connection with the concurrent share repurchase described above, PTC expects to repurchase shares of its common stock sold short by initial investors in the Offering in privately negotiated transactions effected with or through one of the initial purchasers or its affiliate at a purchase price per share expected to be equa...

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