By Abigail W. Adams
Portland, Me., Jan. 31 – Immunocore Holdings plc priced an upsized $350 million of six-year convertible notes after the market close on Tuesday at par with a coupon of 2.5% and an initial conversion premium of 40%, according to a company news release.
Pricing came at the rich end of talk for a coupon of 2.5% to 3% and blew through the rich end of initial talk for a conversion premium of 30% to 35%, according to a market source.
J.P. Morgan Securities LLC was bookrunner for the Rule 144A offering, which carries an upsized greenshoe of $52.5 million.
The initial size of the offering was $300 million with a greenshoe of $45 million.
The notes are non-callable until Feb. 5, 2027 and then subject to a 130% hurdle.
They are putable upon a fundamental change.
There is dividend protection.
Net proceeds are expected to be $338.4 million of will be $389.3 million if the greenshoe is exercised in full.
Proceeds will be used to support the company’s clinical pipeline and commercial expansion, to repay in full loans under its loan agreement with Pharmakon Advisors LP and for general corporate purposes.
Immunocore is a Rockville, Md.-based commercial stage biotechnology company.
| Issuer: | Immunocore Holdings plc
|
| Amount: | $350 million
|
| Greenshoe: | $52.5 million
|
| Issue: | Convertible senior notes
|
| Maturity: | Feb. 1, 2030
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 2.5%
|
| Price: | Par
|
| Yield: | 2.5%
|
| Conversion premium: | 40%
|
| Conversion price: | $94.70
|
| Conversion rate: | 10.5601
|
| Call options: | Non-callable until Feb. 5, 2027 and then subject to a 130% hurdle
|
| Put options: | Upon a fundamental change
|
| Pricing date: | Jan. 30
|
| Settlement date: | Feb. 2
|
| Distribution: | Rule 144A
|
| Talk: | Coupon of 2.5% to 3% and initial conversion premium of 30% to 35%
|
| Stock symbol: | Nasdaq: IMCR
|
| Stock price: | $67.64 at market close Jan. 30
|
| Market capitalization: | $3.34 billion
|
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