Immunocore Prices Upsized $350M 2.50% Convertible Senior Notes Due 2030
Portfolio Pulse from Benzinga Newsdesk
Immunocore has upsized its offering of convertible senior notes to $350 million with an additional option for purchasers to buy up to $52.5 million more. The notes have a 2.50% interest rate and are due in 2030. The offering, initially set at $300 million, is expected to close on February 2, 2024, subject to customary closing conditions.
January 31, 2024 | 7:34 am
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Immunocore has increased its convertible senior notes offering to $350M, potentially expanding to $402.5M, which may dilute current shareholders but also provides capital for growth.
The upsizing of Immunocore's convertible notes offering indicates a strong demand from investors, which could be a positive sign. However, the potential dilution of existing shares due to the conversion of these notes into equity might concern current shareholders. The capital raised could be used for growth initiatives, which may have a positive impact on the company's long-term prospects. The short-term impact on the stock price is uncertain, as the market weighs the benefits of capital infusion against the potential dilution.
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