Mirum Pharmaceuticals, Inc. (MIRM): debt financing — Mirum prices $316.25M 4.00% convertible notes due 2029; repurchases $192.7M revenue interests

Mirum Pharmaceuticals, Inc.

Issued $316.25M principal (incl. full exercise of $41.25M over-allotment) of 4.00% convertible senior notes due May 1, 2029.
Initial conversion price ~$31.74/share, a 35% premium over $23.51 closing stock price on April 12, 2023.
Net proceeds ~$305.4M; used ~$192.7M to repurchase revenue interests from Oberland Capital (RIPA) and terminate that agreement.
Remaining proceeds expected for general corporate purposes, including working capital and potential acquisitions.
Notes are senior unsecured; callable by Mirum after May 5, 2026 if stock price >130% of conversion price.

item 1.01 item 1.02 item 2.03 item 3.02 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

Mirum Pharmaceuticals, Inc. incurred convertible notes of $316.25 million at 4.00% per annum maturing May 1, 2029.

Instrument: convertible notes
Principal: $316.25 million
Rate: 4.00% per annum
Maturity: May 1, 2029
Event: incurrence

Exact text from the filing

On April 17, 2023, Mirum Pharmaceuticals, Inc. (the “Company”) issued $316.25 million principal amount of its 4.00% Convertible Senior Notes due 2029

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

Mirum Pharmaceuticals, Inc. entered into Indenture with U.S. Bank Trust Company, National Association, as trustee valued at $316.25 million principal amount of its 4.00% Convertible Senior Notes due 2029 (effective 2023-04-17).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association, as trustee
Value: $316.25 million principal amount of its 4.00% Convertible Senior Notes due 2029
Effective: 2023-04-17

Exact text from the filing

On April 17, 2023, Mirum Pharmaceuticals, Inc. (the “Company”) issued $316.25 million principal amount of its 4.00% Convertible Senior Notes due 2029 (the “Notes”). The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of April 17, 2023, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).

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

Mirum Pharmaceuticals, Inc. entered into Purchase Agreement with the initial purchasers of the Notes valued at $41.25 million principal amount of Notes.

Action: entry
Agreement: underwriting
Counterparty: the initial purchasers of the Notes
Value: $41.25 million principal amount of Notes

Exact text from the filing

Pursuant to the purchase agreement among the Company and the initial purchasers of the Notes (the “Purchase Agreement”), the Company granted the initial purchasers an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $41.25 million principal amount of Notes.

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Mirum Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-103622

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