Clovis Oncology Announces Debt Refinancing Transaction
07 Janeiro 2020 - 9:26AM
Business Wire
Clovis Oncology, Inc. (NASDAQ: CLVS)
(the “Company”) announced today that on January 6, 2020 it priced a
registered direct offering (the “Share Offering”) of an aggregate
of 17,777,679 shares (the “Shares”) of its common stock at a price
of $9.25 per share to a limited number of holders (the “Holders”)
of its 4.50% Convertible Senior Notes due 2024 (the “2024 Notes”).
The Company intends to use the proceeds of the Share Offering to
repurchase from such Holders an aggregate of $123,417,000 principal
amount of its 2024 Notes (the “Note Repurchase”, and collectively
with the Share Offering, the “Transactions”) in privately
negotiated transactions. J.P. Morgan and BofA Securities acted as
the exclusive agents to the Company in connection with the
Transactions.
On a net basis, the Company will not receive any proceeds from
the Transactions and will pay customary fees and expenses in
connection therewith. Therefore, the Transactions will not have a
material impact on the Company’s cash position. Following the Note
Repurchase, an aggregate of $139,583,000 principal amount of the
Company’s 2024 Notes will be outstanding.
The Share Offering is expected to close on January 8, 2020,
subject to customary closing conditions. The Note Repurchase is
expected to close promptly following the closing of the Share
Offering, subject to customary closing conditions.
The Share Offering is being offered pursuant to an effective
shelf registration statement that Clovis has filed with the
Securities and Exchange Commission (“SEC”). The offering is being
made only by means of a prospectus supplement and the related
prospectus relating to such offering. Copies of the prospectus
supplement and related prospectus relating to the Share Offering
may be obtained free of charge when it is available by visiting
EDGAR on the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor will there be any sale of
these securities, in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Clovis Oncology
Clovis Oncology, Inc. is a biopharmaceutical company focused on
acquiring, developing and commercializing innovative anti-cancer
agents in the U.S., Europe and additional international markets.
Clovis Oncology targets development programs at specific subsets of
cancer populations, and simultaneously develops, with partners, for
those indications that require them, diagnostic tools intended to
direct a compound in development to the population that is most
likely to benefit from its use. Clovis Oncology is headquartered in
Boulder, Colorado with additional office locations in the U.S. and
Europe.
To the extent that statements contained in this press release
are not descriptions of historical facts regarding Clovis Oncology,
they are forward-looking statements reflecting the current beliefs
and expectations of management. Such forward-looking statements
involve substantial risks and uncertainties that could cause Clovis
Oncology’s actual results, performance or achievements to differ
significantly from those expressed or implied by the
forward-looking statements. Such risks and uncertainties include,
among others, the conditions affecting the capital markets, general
economic, industry, or political conditions, and the satisfaction
of customary closing conditions related to the proposed
Transactions. Clovis Oncology undertakes no obligation to update or
revise any forward-looking statements. For a further description of
the risks and uncertainties that could cause actual results to
differ from those expressed in these forward-looking statements, as
well as risks relating to the business of the company in general,
see Clovis Oncology’s Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and its other reports filed with the Securities and
Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20200107005560/en/
Anna Sussman 303.625.5022 asussman@clovisoncology.com
Breanna Burkart 303.625.5023 bburkart@clovisoncology.com
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