Sarepta Therapeutics falls on move to refinance $700 million convertible bonds

** Shares of gene therapy maker Sarepta Therapeutics SRPT.O fall 6.7% to $19.2

** Sarepta swaps about $700 million of its 1.25% convertible bonds due 2027 for $602 million of new 4.875% convertible bonds due 2030, plus some stock and cash

** Initial conversion price of nearly $60 per share represents nearly 191.5% premium based on the last reported sale price

** SRPT also to sell up to ~1.4 million additional shares in a private deal

** The company has 97.71 million shares outstanding and has a market cap of $2.01 billion as per LSEG data

** "This is yet another prudent move for the B/S which we view favorably,
though near-term focus remains on the Elevidys ramp now that the therapy is back on the market"- Leerink Partners analysts

** J. Wood Capital Advisors LLC is acting as Sarepta’s financial advisors in connection with the Exchange

** As of last close, SRPT down 83.1% YTD