Ironwood plans to adjust conversion rate of 2.25% convertible notes

By Sarah Lizee

Olympia, Wash., April 2 – Ironwood Pharmaceuticals, Inc. expects to adjust the conversion rate of its 2.25% convertible senior notes due 2022 as a result of the separation of Ironwood and Cyclerion Therapeutics, Inc., according to an 8-K filing with the Securities and Exchange Commission.

The adjustment will take effect on the last trading day of the 10-consecutive trading-day valuation period beginning on and including April 2, the ex-dividend date applicable to the separation.

Ironwood plans to amend the indenture for the convertible notes, dated as of June 15, 2015, to reference the 10-trading day valuation period.

Ironwood is a Cambridge, Mass.-based pharmaceutical company with treatments for gastrointestinal illnesses.

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