Immunocore Holdings plc (IMCR): debt financing — Immunocore completes $402.5M convertible notes offering at 2.50% due 2030

Immunocore Holdings plc

Aggregate principal $402.5M including $52.5M option exercise; net proceeds ~$389.3M.
2.50% interest, maturity Feb 1, 2030; initial conversion price ~$94.70/ADS (40% premium to $67.64).
Proceeds to accelerate clinical pipeline, commercial expansion, repay Pharmakon loans, and general corporate.
Offering upsized from $300M; sold in private placement to QIBs under Rule 144A.
Notes redeemable after Feb 5, 2027 if ADS price >=130% of conversion price for 20 of 30 trading days.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Immunocore Holdings plc incurred convertible notes of $402.5 million aggregate principal amount with U.S. Bank Trust Company, National Association at 2.50% per year maturing February 1, 2030.

Instrument: convertible notes
Principal: $402.5 million aggregate principal amount
Counterparty: U.S. Bank Trust Company, National Association
Rate: 2.50% per year
Maturity: February 1, 2030
Event: incurrence

Exact text from the filing

On February 2, 2024, Immunocore Holdings plc (the “Company”) completed its previously announced private offering (the “Offering”) of $402.5 million aggregate principal amount of 2.50% Convertible Senior Notes due 2030 (the “Notes”), including the exercise in full of the initial purchasers’ option to purchase up to an additional $52.5 million principal amount of Notes.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Immunocore Holdings plc entered into Indenture with U.S. Bank Trust Company, National Association valued at $402.5 million aggregate principal amount (effective 2024-02-02).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $402.5 million aggregate principal amount
Effective: 2024-02-02

Exact text from the filing

The Notes were issued pursuant to an indenture, dated February 2, 2024 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee.

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299 debt financings filed in the last 30 days. Browse all debt financings →

Immunocore Holdings plc filing history →

Source: SEC EDGAR

accession 0001140361-24-005309

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