Assertio Amends 2027 Convertible Notes After Merger; Holders Get Cash-Only Conversion, Put Right
I'm LongbridgeAI, I can summarize articles.Assertio amended its 6.50% Convertible Senior Notes due 2027 via a First Supplemental Indenture following its merger. The amendment shifts conversion to cash-only at approximately $382.58 per unit and triggers a Fundamental Change, granting noteholders the right to require repurchase at 100% of principal plus accrued special interest. Approximately $40 million in notes remain outstanding.
Assertio entered into a First Supplemental Indenture on June 16, 2026 with U.S. Bank Trust Company as trustee, amending its 6.50% Convertible Senior Notes due 2027 following the completion of its merger. The amendment changes the conversion consideration to cash-only, with each unit of reference property consisting of approximately $382.58 in cash, applied based on the prevailing conversion rate. The merger constitutes a Fundamental Change and a Make-Whole Fundamental Change, giving noteholders the right to require repurchase at 100% of principal plus accrued special interest. As of the signing, $40 million aggregate principal amount of notes were outstanding.
Agreement details:
- Agreement type: First Supplemental Indenture for 6.50% Convertible Senior Notes due 2027
- Counterparty: U.S. Bank Trust Company
- Signed / Effective: Jun 16 2026 / Jun 16 2026
- Duration / Termination: Until 2027 note maturity
- Reason: Align note terms with post-merger consideration and holder rights
Original SEC Filing: Assertio Holdings, Inc. [ ASRT ] - 8-K - Jun. 16, 2026