Clovis Oncology announces purchase of additional $7.5M of its 4.50% convertible senior notes due 2024

Wednesday November 25, 2020 0 comments Tags: Boulder, Clovis Oncology, Rucaparib

BOULDER -- Clovis Oncology, Inc. (NASDAQ: CLVS) announced an existing holder of its securities relating to the offering of the company’s new series of 4.50% Convertible Senior Notes due 2024 has elected to purchase an additional $7.5 million aggregate principal amount of the new 2024 notes on the same terms.Clovis_Oncology_logoUSE 

The existing holder was not identified.

The purchase is expected on Nov. 27, 2020, subject to customary closing conditions. Following the closing, there will be a total of $57.5 million aggregate principal amount of the new 2024 notes outstanding.

Clovis Oncology said it intends to use net proceeds from the sale for general corporate purposes, including repayment, repurchase or refinance of its debt obligations, sales and marketing expenses associated with Rubraca® (rucaparib), funding of its development programs, payment of milestones pursuant to its license agreements, general and administrative expenses, acquisition or licensing of additional product candidates or businesses and working capital.

The offer and sale of the new 2024 notes and the shares of common stock issuable upon conversion have not been registered under the Securities Act or any state securities laws and, unless so registered, the new 2024 notes and any such shares may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.