debt
confidence high
sentiment neutral
materiality 0.60
Indivior issues $500M 0.625% convertible notes due 2031; repays existing debt
Indivior Pharmaceuticals, Inc.
- $500M principal of 0.625% Convertible Senior Notes due March 15, 2031 issued; initial purchasers' option fully exercised for additional $50M.
- Initial conversion price of ~$41.66 per share (35% premium over March 12 close); max ~16.2M shares issuable upon conversion.
- Proceeds used to prepay all outstanding principal, interest, and fees under November 2024 Note Purchase Agreement; that agreement terminated.
- Notes redeemable at Indivior's option after March 20, 2029 if stock exceeds 130% of conversion price for 20 of 30 trading days.
- Notes are senior unsecured, structurally subordinated to subsidiary liabilities; interest payable semi-annually on March 15 and September 15.