---
title: "Moderna Raises $3.0 Billion via 2032 Zero-Coupon Converts; Adds Capped Calls to Limit Dilution"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/297697426.md"
description: "Moderna completed a $3.0 billion private offering of zero-coupon convertible senior notes due March 2032, with net proceeds of approximately $2.96 billion to support general corporate purposes. To mitigate potential dilution from conversions, the company entered into capped call transactions with an initial cap of $392.62 per share, costing about $328.8 million."
datetime: "2026-09-01T20:43:04.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/297697426.md)
  - [en](https://longbridge.com/en/news/297697426.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/297697426.md)
generator: "portal-rs"
---

# Moderna Raises $3.0 Billion via 2032 Zero-Coupon Converts; Adds Capped Calls to Limit Dilution

Moderna completed a $3.0 billion private offering of 0.00% Convertible Senior Notes due March 1, 2032 and executed the related indenture. The notes, initially convertible at $210.58 per share, provide flexibility for settlement in cash, stock, or a combination. To mitigate dilution from potential conversions, Moderna also entered into capped call transactions with an initial cap of approximately $392.62 per share, paying about $328.8 million for the protection. Net proceeds of roughly $2.96 billion will support general corporate purposes, including growth in oncology and potential debt repayment.

**Agreement 1: Moderna Completes $3.0 Billion 0.00% Convertible Notes Due 2032; Indenture Executed**

-   **Agreement type**: Indenture for 0.00% Convertible Senior Notes due 2032
-   **Counterparty**: U.S. Bank Trust Company
-   **Signed / Effective**: Sep 01 2026 / same
-   **Duration / Termination**: Through Mar 01 2032
-   **Reason**: Raise capital and enhance financial flexibility

**Agreement 2: Moderna Executes Capped Calls to Limit Dilution on 2032 Converts; Cap Set at $392.62**

-   **Agreement type**: Capped call confirmations on 2032 convertible notes
-   **Counterparty**: Certain financial institutions
-   **Signed / Effective**: Aug 27 2026 / same
-   **Duration / Termination**: Through Mar 01 2032
-   **Reason**: Reduce potential dilution from note conversions

Original SEC Filing: Moderna, Inc. \[ MRNA \] - 8-K - Sep. 01, 2026

**Disclaimer**

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**