NovoCure (NSDQ:NVCR) announced that it closed its previously announced offering of $575 million in 0% convertible senior notes.
The notes, due in 2025, are set to bring in net proceeds of approximately $558.4 million after the initial purchasers exercised full their option to purchase an additional $75 million in notes, according to a news release from the oncology technology developer.
St. Helier, Jersey-based Novocure plans to use the net proceeds to advance its clinical and product development programs and to invest in associated pre-commercial and commercial activities, as well as for general corporate purposes.
The notes will be senior unsecured obligations of Novocure with special interest, if any, payable in accordance with the terms and payable in cash semiannually in arrears on May 1 and Nov. 1, beginning on May 1, 2021. The notes will mature on Nov. 1, 2025, unless earlier repurchased, redeemed or converted.
According to the release, the notes, which are convertible into cash, Novocure shares or a combination of the two are set at an initial conversion rate of 5.9439 shares per $1,000 principal amount of notes, equal to approximately $168.24 per share.
Original Article: (https://www.massdevice.com/novocure-closes-575m-offering/)
