Progenity reduces debt through $20.18 million conversion of notes

Chicago, Oct. 26 – Progenity Inc. privately exchanged $20,175,000 of its 7.25% convertible senior notes due 2025 for shares of common stock, according to a press release.

Investors participating in the exchange received approximately 8,513,850 shares of common stock, in total.

Included in the total was allowance for the make-whole provisions of the indenture.

The exchange transactions are expected to close on Tuesday.

After the exchange, around $137,125,000 of the convertibles will remain outstanding. Of that total, $103.5 million of the convertible bonds are held by an affiliated holder, Athyrium Capital Management LP.

Progenity also issued around 427,804 shares of common stock to certain investors for a waiver of certain contractual lock-up provisions to which the company had agreed in connection with prior offerings of its securities.

Progenity is a San Diego-based biotechnology company.

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