** Shares of vaccine maker Dynavax Technologies DVAX.O rise 1.8% to $14.26
** DVAX announces refinancing plan that extends the maturity of most of existing debt by four years
** Will issue $225 million of new convertible notes due in 2030
** New notes to replace about $185 million of existing convertible notes due in 2026, and an additional $40 million of new money will be raised
** New debt has a lower interest rate of 2% and a conversion price of $18.21/share; 30% premium to the stock's last close
** Co is buying back $8 mln of its own stock to keep the number of shares outstanding neutral
** DVAX to get $46.5 million from unwinding derivatives to partially offset the premium paid for the existing notes
** Co has 124.10 mln shares outstanding with a market cap of $1.7 bln - LSEG data
** DVAX fell 11.2% in 2024
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.