Novavax falls on move to refinance $225 million convertible bonds

** Shares of vaccine maker Novavax NVAX.O fall 9.5% to $7.91

** NVAX to issue $225 million of 4.625% convertible bonds due 2031

** About $175.3 million of its convertible bonds due 2031 issued in exchange for $148.7 million of 5.00% of convertible bonds due 2027 and ~$49.7 million of 2031 notes sold for cash

** The conversion price set at $11.14 per share represents a 27.5% premium to NVAX's last close

** About $26.5 million of 2027 notes will remain outstanding, NVAX says

** Co has 162.42 million shares outstanding and has a market cap of $1.42 billion, as per data compiled by LSEG

** Including session's move, NVAX up 8.7% YTD