Immunocore greenshoe exercised, ups convertibles to $402.5 million

Chicago, Feb. 6 – Immunocore Holdings plc’s recent offering of 2.5% six-year convertible senior notes was sized at $402.5 million after the full exercise of the $52.5 million greenshoe, according to an 8-K filing with the Securities and Exchange Commission.

The deal closed on Feb. 2.

In the original offer, priced on Jan. 30, the issuer sold an upsized $350 million of notes with an initial conversion premium of 40%.

The initial size of the offering was $300 million with a greenshoe of $45 million.

J.P. Morgan Securities LLC and Jefferies LLC led the sale.

U.S. Bank Trust Co., NA is serving as the trustee.

Davis Polk was counsel to the underwriters, according to a press release from the firm.

Proceeds are being used to support the company’s clinical pipeline and commercial expansion, to repay in full loans under its loan agreement with Pharmakon Advisors LP and for general corporate purposes.

Immunocore is a Rockville, Md.-based commercial stage biotechnology company.

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