Indivior Pharmaceuticals Inc. (INDV) on Friday priced an upsized private offering of $450 million aggregate principal amount of 0.625% convertible senior notes due 2031, increased from the previously announced $400 million.
The offering is expected to close on March 17.
The company also granted the initial purchasers a 30-day option to buy up to an additional $50 million principal amount of the notes.
The notes will be senior, unsecured obligations of the company and will bear interest at 0.625% per year, payable semi-annually on March 15 and September 15, beginning September 15.
The notes will mature on March 15, 2031, unless earlier converted, redeemed or repurchased.
The initial conversion rate is 24.0033 shares per $1,000 principal amount, representing an initial conversion price of about $41.66 per share, a 35% premium to the company's last reported share price on March 12.
The notes will be redeemable for cash at the company's option starting March 20, 2029, subject to certain conditions, including the company's share price exceeding 130% of the conversion price for a specified period.
The company expects net proceeds of about $437.7 million, or about $486.4 million if the option for additional notes is fully exercised.
The company plans to use about $239 million of the proceeds, along with $102 million of cash on hand, to repay borrowings and terminate its term loan and revolving credit facility agreement.
The company said about $75 million of the proceeds will be used to repurchase roughly 2.4 million common shares from certain purchasers of the notes in privately negotiated transactions.
The remaining proceeds will be used for general corporate purposes.
Indivior Pharmaceuticals closed the regular trading session on March 13, 2026, at $30.86, down $1.97 or 6%. Later, in overnight trading, the share price declined to $30.64, lesser $0.22 or 0.71%, as of 7:59 PM EST.
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