Travere greenshoe lifts 2.25% convertible notes to $316.25 million

Chicago, March 11 – Travere Therapeutics Inc. exercised the $41.25 million over-allotment option in full on its 2.25% convertible senior notes due 2029, increasing the size of the issue to $316.25 million, according to an 8-K filing with the Securities and Exchange Commission.

The issuer originally priced $275 million of the notes on March 8.

The greenshoe was initially announced as $37.5 million before being upsized.

The initial conversion premium priced at 35%.

Jefferies LLC, SVB Leerink LLC, BofA Securities Inc. and Evercore Inc. were joint bookrunners for the SEC-registered offering.

Proceeds are to be used to fund the repurchase of $207.1 million of the company’s 2025 convertible notes with remaining amounts to be used for general corporate purposes.

Travere Therapeutics is a San Diego-based biopharmaceutical company.

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