Innoviva closes $225M 2.125% convertible senior notes due 2028; repurchases $144.8M of 2023 notes

Innoviva, Inc.

Issued $225M principal of 2.125% convertible notes due March 15, 2028; initial conversion price $26.22 (35% premium to $19.42 close on March 2, 2022).
Net proceeds ~$216.8M; used $18.1M for capped calls and $165.6M to repurchase $144.8M of 2.125% convertible subordinated notes due 2023.
Capped call transactions entered with option counterparties; cap price initially $33.9850 (75% premium over March 2 closing price).
Initial purchasers granted option to buy up to an additional $45M of notes within 13 days.
Notes redeemable at Innoviva's option on or after March 20, 2025 if stock exceeds 130% of conversion price for a specified period.

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