ANI Pharma To Offer $250 Mln Of Convertible Senior Notes Due 2029, Stock Down

(RTTNews) - ANI Pharmaceuticals, Inc. (ANIP) Wednesday announced an offering of $250 million Convertible Senior Notes, due September 1, 2029. The proposed private offering includes an option for an additional $37.5 million. Following this news the stock fell 12% in the pre-market trade.

Noteholders will have the option to convert their notes under specific conditions, with ANI opting to settle conversions in cash and, if applicable, shares of its common stock. Additionally, the notes can be redeemed for cash at ANI's discretion starting September 1, 2027.

The company intends to utilize the proceeds to pay down its existing senior secured term loan and engage in capped call transactions. Furthermore, ANI plans to establish a new delayed draw term loan facility of $325 million and a revolving facility of $75 million.

In pre-market activity on the Nasdaq, the shares are trading at $55.69, down 12.01%.