secwatch.observer — SEC 8-K summary
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Issuer:     Innoviva, Inc. (INVA)
CIK:        0001080014
Form:       8-K
Filed at:   2022-03-08T23:59:59+00:00
Accession:  0001104659-22-031613
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1080014/000110465922031613/0001104659-22-031613-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1080014/000110465922031613/tm228653d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-031613

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