Celcuity (CELC) said Wednesday it plans to issue $400 million in convertible senior notes due 2032 through an underwritten public offering.

The company said it intends to grant underwriters a 30-day option to purchase up to an additional $60 million of notes for over-allotments.

Celcuity said the terms, including interest and conversion rates, will be determined at pricing.

The company said it plans to use the proceeds to fully repay its existing debt under its Oxford Finance credit facility, as well as for working capital and general corporate purposes.

Shares of Celcuity were down 4.5% in premarket activity Wednesday.