Halozyme issues $720M 1.00% convertible notes due 2028; repays term loan, buys back shares

HALOZYME THERAPEUTICS, INC.

Issued $720M in 1.00% Convertible Senior Notes due 2028, including $95M from over-allotment option.
Net proceeds ~$701.4M; used to repay $250M term loan, exchange $77.6M of existing notes, and repurchase $90M of common stock.
Initial conversion price ~$56.02 per share; capped call transactions limit dilution with cap price $75.4075.
Increased 2022 stock repurchase authorization to $200M (from $100M) to commence after offering close.
Capped call transactions entered with multiple counterparties to reduce dilution upon conversion.

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