Novavax issues $225M in 4.625% convertible notes due 2031, refinancing 2027 notes

NOVAVAX INC

Issued $225M of 4.625% Convertible Senior Notes due 2031; exchanged ~$148.7M of 2027 notes and raised ~$49.7M new cash.
Conversion price $11.14 per share, a 27.5% premium over the Aug 20 closing price of $8.74.
Approximately $26.5M of 2027 notes remain outstanding; net proceeds from subscription for general corporate purposes.
Closing expected on or about Aug 27, 2025; financial advisor JWCA plans to buy ~1.2M shares concurrently.

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