Vaxcyte prices USD 575 million 1.50% convertible senior notes due 2032 offering
PCVX•Vaxcyte closed a USD 575 million offering of 1.50% convertible senior notes due 2032, with an initial conversion price of about USD 89.60 per share.
1. Offering terms
The notes pay interest semiannually beginning April 15, 2027, and mature on Oct. 15, 2032, unless earlier converted, redeemed or repurchased. Their initial conversion rate is 11 shares per USD 1,000 principal amount. Vaxcyte may redeem them starting Oct. 22, 2029, under specified conditions if its stock trades above 130% of the conversion price; investors can require cash repurchase upon a Fundamental Change.
