Moderna plans private placement of $2 billion convertible senior notes due 2032

Moderna launched a private placement of $2 billion of Convertible Senior Notes due 2032, sold only to qualified institutional buyers under Rule 144A.

The initial purchasers received an option to buy up to an additional $300 million of the notes within 13 days of issuance.

The Convertible Senior Notes due 2032 will be senior unsecured obligations with no regular interest, and principal will not accrete.

Conversions may be settled in cash, shares, or a mix, at Moderna’s election; final terms will be set at pricing.

Net proceeds are earmarked for capped call transactions, general corporate purposes, oncology investment flexibility, and debt repayment.