Moderna plans private placement of $2 billion convertible senior notes offering

Moderna launched a private placement of $2 billion convertible senior notes due 2032.

The initial purchasers have an option to buy up to an additional $300 million of the notes within 13 days of issuance, bringing the total potential issuance size to $2.3 billion.

The notes are senior unsecured obligations and will not bear regular interest or accrete principal.

Moderna said it expects to use the proceeds for capped call costs, flexibility to invest in oncology, general corporate purposes and debt repayment.