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

Moderna plans a private placement of $2 billion of convertible senior notes due 2032, marketed to qualified institutional buyers.

• An option allows the initial purchasers to buy up to an additional $300 million of notes within 13 days of issuance.
• Net proceeds are earmarked for capped call transactions, general corporate purposes, oncology investment flexibility and debt repayment.
• The notes are senior unsecured, zero-coupon and non-accreting; settlement on conversion may be cash, shares or a mix.
• The capped call cap price is set at least 150% above the stock price at pricing, aiming to limit dilution from conversions.