Theravance adjusts conversion rate of 2.125% convertibles due 2023

By Marisa Wong

Madison, Wis., June 17 – Theravance, Inc. adjusted the conversion rate for its 2.125% convertible subordinated notes due 2023 due to its spinoff of Theravance Biopharma, Inc., according to an 8-K filing with the Securities and Exchange Commission.

The conversion rate was increased to 46.9087 shares per $1,000 principal amount of notes from 35.9903 shares per $1,000 principal amount of notes, effective June 17.

The adjusted conversion rate was based on the 10-consecutive-trading-day period ended June 16. The period began on June 3, which was the first date that shares of Theravance’s common stock were expected to trade on Nasdaq, regular way, without the right to receive the dividend of Theravance Biopharma ordinary shares.

The company had announced the anticipated conversion rate adjustment on May 19.

Theravance is a South San Francisco, Calif.-based biopharmaceutical company.

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