Exelixis to swap stock, cash for $168.1 million of 4.25% convertibles

By Angela McDaniels

Tacoma, Wash., Aug. 9 – Exelixis, Inc. will issue stock and cash in exchange for $168.1 million of its 4.25% convertible senior subordinated notes due 2019, according to an 8-K filing with the Securities and Exchange Commission.

On Aug. 9, the company entered into separate, privately negotiated exchange agreements with the holders, who agreed to exchange their notes for 31,639,530 shares of the company’s common stock and $1.7 million of cash.

The exchange is expected to close Aug. 12 and will leave about $119.4 million principal amount of the convertibles outstanding.

Leerink Partners LLC advised Exelixis, according to a market source.

Exelixis is a South San Francisco, Calif.-based biotechnology company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.