By Sarah Lizee
Olympia, Wash., June 8 – Rocket Pharmaceuticals, Inc. said that on June 5 it entered into a privately negotiated agreement with a holder of its outstanding 5.75% convertible senior notes due 2021.
Under the exchange agreement, Rocket will exchange $7.5 million of the existing 5.75% convertibles for $7.5 million of newly issued 6.25% convertible senior notes due 2022 and an amount of cash equal to the accrued interest, if any, on the exchanged 2021 notes from and including Feb. 1 to but excluding the closing date of the exchange transactions, adjusted to take into account the unearned accrued interest on the 2022 convertibles from and including Feb. 20.
The exchange transaction is expected to close on or about June 12, subject to customary closing conditions.
The convertibles to be issued in the exchange transaction will constitute the same series of securities as the $39.35 million of convertible notes due 2022 issued on Feb. 20.
After giving effect to the issuance of the additional convertibles and the exchange of the 2021 convertibles, $46.85 million of the 2022 convertibles is expected to be issued and outstanding and $5.15 million of the 2021 convertibles is expected to remain issued and outstanding.
Rocket Pharmaceuticals is a clinical-stage company advancing an integrated and sustainable pipeline of genetic therapies for rare childhood disorders. It is based in New York.
| Issuer: | Rocket Pharmaceuticals, Inc.
|
| Issue: | Convertible notes add-on
|
| Amount: | $7.5 million
|
| Maturity: | 2022
|
| Coupon: | 6.25%
|
| Settlement date: | June 12
|
| Total issuance: | $46.85 million, including $39.35 million issued on Feb. 20
|
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