Avid Bioservices to price $160 million five-year convertible notes

By Wendy Van Sickle

Columbus, Ohio, March 6 – Avid Bioservices Inc. plans to price $160 million of five-year convertible senior notes in a private placement offering, according to a company press release.

The company plans to price the offering before the market opens on Thursday.

In connection with the offering, the company will enter into capped call transactions.

Upon conversion, the company will pay cash, shares or a combination of both, at its election.

Proceeds will be used to repurchase for cash a portion of the issuer’s 1.25% exchangeable senior notes due 2026 in privately negotiated transactions and to repay in full any remaining outstanding 2026 exchangeable notes.

Avid Bioservices is a Tustin, Calif.-based biologics contract development and manufacturing organization.

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