Novavax falls on move to refinance $225 million convertible bonds
ReutersAug 21, 2025 1:45 PM
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
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