Travere Therapeutics Shares Drop 7% After Notes Offering Prices
By Chris Wack
Travere Therapeutics Inc. shares were down 7% to $24.85 Tuesday after the company said it intends to offer $250 million of convertible senior notes due 2029 in an underwritten offering.
The company said it expects to grant the underwriters of the notes an option to purchase, for settlement on or before March 31, up to an additional $37.5 million in notes, solely to cover over-allotments.
Travere said it intends to use a portion of the proceeds from the offering to repurchase a portion of its currently outstanding convertible notes.
Travere intends to use the remaining proceeds from the offering for general corporate purposes, which may include clinical trial and other research and development expenses, commercialization expenses, capital expenditures, working capital and general and administrative expenses.
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(END) Dow Jones Newswires
March 08, 2022 14:06 ET (19:06 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.