CRISPR Therapeutics AG (CRSP), Wednesday announced the pricing of $550 million of its convertible senior notes due 2031 in a private offering to persons reasonably believed to be qualified institutional buyers.
Notably, the offering was upsized from the previously announced offering of $350 million aggregate principal amount of notes.
Additionally, the company has granted the initial purchasers of the notes an option to purchase upto an additional $50 million aggregate principal amount of the notes.
The conversion rate will initially be 13.0617 common shares per $1,000 principal amount of notes, the company noted.
The net proceeds from the offering, expected to close on March 16, will be utilized to fund general corporate purposes.
In the pre-market hours, CRSP is trading at $52.95, up 0.28 percent on the Nasdaq.
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