Innoviva prices upsized convertible senior notes offering of $225M

• Innoviva (NASDAQ:INVA) priced its upsized offering of $225M principal amount of the 2.125% convertible senior notes due 2028; size of offering was increased from earlier announced $200M.
• Initial purchasers to be granted 13-days option to purchase up to an additional $45M principal amount of the notes.
• Net proceeds estimated to be ~$216.8M or $260.5M if initial purchasers exercise their full option.
• Net proceeds of $18.1M to be used for funding the cost of entering into the capped call transactions; remaining ($165.6M) to be used for repurchase a portion of its 2.125% convertible subordinated notes due 2023 ($144.8M); any remaining to be used for general corporate purposes
• Offer is expected to close on Mar.7.
• The notes will mature on Mar. 15, 2028, unless earlier converted, redeemed or repurchased in accordance with their terms; initial conversion rate for the notes is 38.1432 shares per $1K principal amount of the notes.
• Notes will accrue interest at annual rate of 2.125%, payable semi-annually in arrears commencing Sep.15.
• The notes will be redeemable, in whole or in part, at the company’s option at any time, and from time to time, on or after Mar.20, 2025.