BUZZ-Novavax falls on move to refinance $225 million convertible bonds
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Shares of Novavaxfell 7.8% to $8.06 in premarket trading following the announcement of a refinancing move involving $225 million in 4.625% convertible bonds due 2031. The company will exchange approximately $175.3 million of existing convertible bonds due 2031 for $148.7 million of 5.00% bonds due 2027, along with ~$49.7 million in cash. The new conversion price is set at $11.14 per share, a 27.5% premium to the last close. Novavax has a market cap of $1.42 billion and 162.42 million shares outstanding.
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