MannKind (MNKD) said Wednesday it has signed separate agreements with certain holders of its 2.50% convertible senior notes due 2026 to exchange a principal amount of roughly $193.7 million of the notes for about 26.7 million of the company's common shares.
The company will make a total cash payment of roughly $89.2 million to the holders for additional exchange consideration, it added.
MannKind said it intends to close the transaction in two stages, with the first closing around Friday, and the second closing around Monday.
The buyback will lower the company's total outstanding debt by 84%, while the total principal amount of the notes will be reduced to roughly $36.3 million from $230 million upon the exchange, MannKind said.
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