PTC Therapeutics Plans $500 Million Convertible Notes Offering to Refinance 2026 Notes

MT Newswires Live

Jun 15

PTC Therapeutics (PTCT) plans to offer $500 million worth of convertible senior notes due 2031 in a private placement, the drugmaker said Monday.

The company plans to grant the initial buyers a 13-day option to buy up to an additional $50 million of notes, and expects to use proceeds from the offering to repurchase a portion of certain 2026 convertible senior notes and repay the remaining notes at maturity.

PTC also intends to buy back shares worth $50 million concurrently with the offering, it added.

Shares of the company were down 3.2% pre-bell.

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