Novavax Refinances $225m Conv Debt, Extends Maturity to 2031

Novavax is extending maturity of most of its existing 2027 notes by issuing $225 million 4.625% convertible senior notes due 2031.

• $175.3 million 2031 notes issued in exchange for about $148.7 million 2027 notes
• $49.7 million new notes for cash
• Conversion price initially set at $11.14 a share, a 27.5% premium to closing price on Aug. 20
• ~$26.5m of 2027 notes remain outstanding
• Transactions expected to close around Aug. 27

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