Halozyme completes $1,500.0 million convertible notes offering due 2033
The company received net proceeds of about $1,471.1 million after initial purchasers exercised their full option to buy additional notes
Published
Halozyme Therapeutics closed its sale of $1,500.0 million in 1.50% convertible senior notes due 2033 on September 22, 2026. The total includes $200.0 million in additional notes bought after initial purchasers exercised their option in full.
The company received net proceeds of approximately $1,471.1 million. It used about $187.5 million of that to fund capped call transactions.
Halozyme expects to use part of the remaining proceeds to repurchase roughly $151.7 million of its 0.25% convertible notes due 2027 and $220.0 million of its 1.00% convertible notes due 2028.
The offering priced and closed as upsized, with initial purchasers taking up their full option. Halozyme is using the proceeds to refinance the 2027 and 2028 notes at a higher rate with the new 2033 notes, which pushes out the company's maturity schedule and eases near-term debt service without a material change to its capital structure or leverage.