IONIS PHARMACEUTICALS INC (IONS): debt financing — Ionis closes $575M convertible notes offering, repurchases $434.1M of 2024 notes

IONIS PHARMACEUTICALS INC

Issued $575M aggregate principal of 1.75% convertible senior notes due 2028, including full exercise of greenshoe.
Net proceeds approximately $560.8M after deducting discounts, commissions, and offering expenses.
Used $420.4M of net proceeds to repurchase $434.1M in aggregate principal of its 0.125% convertible notes due 2024.
Initial conversion price $53.73 per share, representing a 32.5% premium over the June 7, 2023 closing price of $40.55.
Remaining proceeds expected to fund additional 2024 note repurchases, repayment at maturity, and general corporate purposes.

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

IONIS PHARMACEUTICALS INC incurred convertible notes of $575.0 million aggregate principal amount at 1.75% per year maturing June 15, 2028.

Instrument: convertible notes
Principal: $575.0 million aggregate principal amount
Rate: 1.75% per year
Maturity: June 15, 2028
Event: incurrence

Exact text from the filing

On June 12, 2023, Ionis Pharmaceuticals, Inc. (the “Company”) completed its previously announced private offering (the “Offering”) of $575.0 million aggregate principal amount of 1.75% Convertible Senior Notes due 2028

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

IONIS PHARMACEUTICALS INC entered into Indenture with U.S. Bank Trust Company, National Association valued at $575.0 million aggregate principal amount (effective 2023-06-12).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $575.0 million aggregate principal amount
Effective: 2023-06-12

Exact text from the filing

On June 12, 2023, Ionis Pharmaceuticals, Inc. (the “Company”) completed its previously announced private offering (the “Offering”) of $575.0 million aggregate principal amount of 1.75% Convertible Senior Notes due 2028 (the “Notes”), including the exercise in full of the initial purchasers’ option to purchase up to an additional $75.0 million principal amount of Notes.

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Source: SEC EDGAR

accession 0001193125-23-165273

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