Idorsia Unveils Repurchase Initiative for Convertible Bonds
Idorsia Announces Strategic Repurchase Offer for Bonds
Ad hoc announcement pursuant to Art. 53 LR
Idorsia Ltd, a pioneering biopharmaceutical company, has officially launched a repurchase offer targeting its existing CHF 200 million convertible bonds due in 2025 and CHF 600 million convertible bonds set to mature in 2028. Known in the market as the CB 2025 and CB 2028 respectively, this repurchase initiative is an integral aspect of the company's broader holistic restructuring strategy.
The Motivation Behind the Repurchase Offer
Idorsia's decision to initiate this repurchase offer aligns with its ongoing journey to enhance financial stability and operational efficiency. With approximately 87.5% of CB 2025 bondholders and around 90.1% of CB 2028 holders already onboarded to a legally binding lock-up agreement, this strong backing showcases collective confidence in Idorsia's restructuring efforts.
Commitment from Bondholders
The commitment from bondholders to partake in this repurchase offer sends a positive signal to the market. Their participation is crucial to achieve the desired minimum acceptance rate condition. Essentially, for the repurchase offer to be successful, at least 85% of the total issued nominal value of both bond series must be validly tendered by the conclusion of the offer period.
Key Details of the Offer Timeline
The repurchase offer is set to commence on July 10 and will wrap up by 17:30 hours CEST on August 7. Interested bondholders are encouraged to access the official documentation related to this offer. This documentation elucidates all necessary participation information and prerequisites.
Access to Offer Documentation
Bonds holders seeking to participate can find the detailed repurchase offer documentation and further instructions on Idorsia's portal. This resource is designed to provide clarity on how bondholders can effectively tender their CB 2025 and/or CB 2028 holdings through Kroll Issuer Services Ltd, the designated agent for this initiative.
About Idorsia Ltd
Idorsia Ltd is dedicated to advancing the frontiers of medical science. With a firm belief in challenging established medical norms, Idorsia aims to deliver transformative therapies to patients. The company's perseverance in innovation is reflected in its robust drug development pipeline and a specialized focus on small-molecule drugs.
Innovative Solutions for Patients
Currently headquartered near Basel, Switzerland, a prominent European biotech hub, Idorsia stands out with its passionate team dedicated to bridging the gap from bench to bedside. Among its notable products is QUVIVIQ™ (daridorexant), a cutting-edge insomnia treatment poised to revolutionize how sleep disorders are managed.
Company Contact Information
For those wanting to delve deeper into Idorsia's initiatives or requiring extensive information, please reach out to:
Investor & Media Relations
Idorsia Pharmaceuticals Ltd
Hegenheimermattweg 91
CH-4123 Allschwil
+41 58 844 10 10
investor.relations@idorsia.com – media.relations@idorsia.com – www.idorsia.com
Frequently Asked Questions
What is Idorsia's repurchase offer about?
The repurchase offer targets Idorsia's convertible bonds maturing in 2025 and 2028, focusing on optimizing financial restructuring.
When does the repurchase offer start and end?
The repurchase offer will commence on July 10 and conclude at 17:30 hours CEST on August 7.
What is the minimum acceptance rate condition?
At least 85% of the total issued nominal value of both bond types must be validly tendered for the offer to be valid.
Who can participate in the repurchase offer?
Holders of CB 2025 and CB 2028 can participate, especially those who have entered a lock-up agreement supporting the restructuring.
How can bondholders access the offer documentation?
Bondholders can obtain detailed information and instructions by visiting Idorsia's designated portal.
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