Amphastar Pharmaceuticals Shares Down 9% After Private Notes Offering
By Chris Wack
Amphastar Pharmaceuticals shares declined 9% to $46.97 on Tuesday after the company said it intends to offer $300 million of convertible senior notes due 2029 in a private placement.
The stock hit a 52-week high of $67.66 on Aug. 9. The shares are up 62% in the past 12 months.
The company also intends to grant the initial purchasers of the notes an option to buy up to an additional $45 million in notes.
The notes will be general senior unsecured obligations of Amphastar and will accrue interest payable semi-annually in arrears. The interest rate, initial conversion rate and other terms will be determined when the offering prices.
Amphastar intends to use $200 million of proceeds from the offering to repay borrowings under its term loan, and up to $50 million of its stock. The remainder of the proceeds will be used for general corporate purposes.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
September 12, 2023 11:55 ET (15:55 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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