Sarepta refinances $700M of convertible notes, extends maturities to 2030

Sarepta (SRPT) Therapeutics announced that it has entered into exchange agreements with a limited number of holders of its 1.25% convertible senior notes due 2027. Pursuant to the exchange agreements, the company will exchange approximately $700M in aggregate principal amount of the existing convertible notes for approximately $602M in aggregate principal amount of new 4.875% convertible senior notes due 2030. “This exchange marks important progress in our long-term financial strategy,” said Doug Ingram, Sarepta CEO. “By extending the maturity of a meaningful portion of our convertible notes to 2030, we have completed a shareholder-friendly transaction that significantly enhances our balance sheet flexibility and strengthens our financial position. With our go-forward cash flows and liquidity, we believe we are well positioned to fully fund our pipeline and meet our near-term obligations. This allows us to focus on our base business and the upcoming readouts from our pipeline, including our siRNA programs, as we continue to pursue our mission to transform the lives of patients with rare diseases.” Shares of Sarepta are down 6% to $19.34 in morning trading.