DYNAVAX TECHNOLOGIES CORP: debt financing — Dynavax exchanges $185.3M of 2.5% 2026 notes for $225M 2% 2030 notes plus cash

DYNAVAX TECHNOLOGIES CORP

Exchanges ~$185.3M of 2.5% 2026 notes for same principal of 2% 2030 notes plus ~$82.5M cash premium and accrued interest.
Issues ~$39.7M of new 2% 2030 notes for cash; total new notes $225M at 2.00% coupon due March 2030.
Repurchases ~$8M of common stock at $14.01/share in privately negotiated transactions to facilitate the deal.
Approximately $40.2M of 2026 notes remain outstanding with unchanged terms post-closing.
Use of proceeds: cash payment and share repurchases funded by subscription, capped call unwind, and cash on hand.

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

DYNAVAX TECHNOLOGIES CORP incurred convertible notes of $225.0 million aggregate principal amount at 2.00% per annum maturing March 15, 2030.

Instrument: convertible notes
Principal: $225.0 million aggregate principal amount
Rate: 2.00% per annum
Maturity: March 15, 2030
Event: incurrence

Exact text from the filing

On March 5, 2025, Dynavax Technologies Corporation (the “Company”) entered into privately negotiated exchange and subscription agreements (the “Exchange and Subscription Agreements”) with certain holders of its outstanding 2.50% Convertible Senior Notes due 2026 (the “2026 Notes”) and certain new investors, pursuant to which the Company will issue $225.0 million aggregate principal amount of its 2.00% Convertible Senior Notes due 2030 (the “New Notes”).

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Source: SEC EDGAR

accession 0001193125-25-047732

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