PTC Therapeutics Announces Pricing of Convertible Notes Offering to Refinance 2026 Convertible Notes
PTC Therapeutics priced $500 million of 0% convertible senior notes due 2031 to refinance its 1.5% convertible notes maturing in 2026. The notes carry a conversion price of $107.48, a 40% premium to the June 15 closing price. The company expects net proceeds of approximately $486.8 million and plans to use about $329 million to repurchase the near-term 2026 notes.
Key figures
- Deal Value Usd
- 500000000
- Net proceeds
- 486800000
- Interest rate
- 0%
- Maturity year
- 2031
- Refi proceeds
- 328800000
- Refi principal
- 222000000
- Old debt coupon
- 1.5%
- Conversion price
- 107.48
- Greenshoe amount
- 50000000
- Conversion premium
- 40%
AI analysis
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