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Innoviva sells $192.5mm in convertible debt

Executive Summary

Respiratory-focused Innoviva Inc. (formerly Theravance) raised $192.5mm (including full exercise of the $17.5mm over-allotment option) through the sale of 2.50% convertible senior notes due 2025. The notes convert into common at a rate of 57.9240 shares per $1k principal amount, or $17.26 per share. (The company's stock averaged $13.18 at the time of the sale.) The debt was sold in connection with Innoviva's previously announced plan to fully refinance its 9.0% fixed rate term notes due 2029. The company will use some of the proceeds to redeem on August 15, 2017 a portion of the principal outstanding under the 2029 notes and repurchase $17.5mm in common shares.
Deal Industry
  • Pharmaceuticals
Deal Status
  • Final
Deal Type
  • Financing
    • Private Placement
    • Convertible Debt

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