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BUZZ-Dynavax rises on debt refinancing plan

Reuters
Mar 06, 2025
BUZZ-Dynavax rises on debt refinancing plan

** 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;))

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