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Avadel Pharma prices convertible debt offering; shares down 10% premarket

Published 02/14/2018, 08:40 AM
© Reuters.  Avadel Pharma prices convertible debt offering; shares down 10% premarket
AVDL
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  • Thinly traded micro cap Avadel Pharmaceuticals (NASDAQ:AVDL) slips 10% premarket on light volume in response to its $125M offering of 4.50% exchangeable senior notes due 2023 to institutional investors. Initial buyers will have the option to purchase up to an additional $18.75M of the notes. Net proceeds will be ~$119.6M ($137.7M if all additional notes are purchased).
  • The initial conversion rate will be 92.6956 ADSs per $1,000 principal amount of the notes (~$10.79/ADS).
  • Concurrently, the company intends to purchase ~$18M of ADSs via privately negotiated transactions with the convertible debt investors (either directly or through a representative).
  • Yesterday's close was $8.99.
  • Now read: Intercept Pharma reports Q4 results


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