Ascendis Pharma (NASDAQ:ASND) has priced of its providing of $500M of two.25% convertible senior notes due 2028 in a non-public providing to certified institutional consumers.
The issuance and sale of the notes are scheduled to decide on March 29, 2022.
Preliminary purchasers are granted over-allotment of a further $75M quantity of notes.
The notes will accrue curiosity at a price of two.25% p.a. , payable semi-annually in arrears on April 1 and October 1 of every yr, starting on October 1, 2022.
The notes will mature on April 1, 2028, until earlier redeemed or transformed.
The preliminary conversion price is 6.0118 ADSs per $1,000 principal quantity of notes, which represents an preliminary conversion value of roughly$166.34/ADS.
The preliminary conversion value represents a premium of ~42.5% during the last reported sale value of $116.73/ADS on March 24, 2022.
The conversion price and conversion value will probably be topic to adjustment upon the incidence of sure occasions.
Web proceeds from the providing will probably be ~$485.0M and intends to make use of ~$116.7M to repurchase 1M ADSs in privately negotiated transactions and the remaining web proceeds to help the commercialization and additional improvement of TransCon hGH, to fund pre-commercialization actions and scientific improvement of TransCon PTH, scientific improvement of its different endocrinology uncommon illness applications and its oncology applications and for working capital and different normal company functions.
