Bondholders approve amended terms of the 2024 convertible bonds
Ad hoc announcement pursuant to Art. 53 LR
Bondholders approve amended terms of the 2024 convertible bonds The proposed
amendments to the terms of the 2024 convertible bond have been approved by the
bondholders and will become binding and effective upon approval by the higher
cantonal composition authority.
Allschwil, Switzerland – May 6, 2024
Idorsia Ltd. (SIX: IDIA) today announced the positive outcome of a bondholder
meeting held at 17:30 CEST on May 6, 2024. The bondholder meeting for holders
of Idorsia’s outstanding 2024 convertible bonds (ISIN: CH0426820350) (the
Bonds) was held to vote on amendments to the terms of the Bonds. 83.5% of the
total outstanding bondholders voted in favor of the amendments proposed by
Idorsia – significantly exceeding the required two thirds majority threshold.
The approved Bond terms include an amended conversion price of CHF 6.00,
extended maturity date of January 17, 2025, and the option to call the Bonds at
par, in full or in part, at any time upon giving ten trading days' notice.
The amendments to the Bond terms become binding and effective upon approval by
the higher cantonal composition authority ( obere kantonale Nachlassbehörde ).
Idorsia will now file this application.
A consent fee of 8,000,000 Idorsia shares will be delivered through SIX SIS
once the amendment of the Bond terms is effective.
André C. Muller, Chief Financial Officer, commented:
“On behalf of Idorsia’s management and Board, I thank the bondholders for
approving the amendments we proposed. Securing the restructuring of the 2024
convertible bond gives bondholders the potential to participate in the
long-term path of Idorsia by becoming shareholders at a much lower conversion
price than originally agreed during the bond placing and gives the company the
flexibility to secure other funding avenues, avoiding potential liquidity
constraints in connection with the redemption of the Bonds.”
Notes to the editor
About Idorsia
Idorsia Ltd is reaching out for more – We have more ideas, we see more
opportunities and we want to help more patients. In order to achieve this, we
will develop Idorsia into a leading biopharmaceutical company, with a strong
scientific core.
Headquartered near Basel, Switzerland – a European biotech-hub – Idorsia is
specialized in the discovery, development and commercialization of small
molecules to transform the horizon of therapeutic options. Idorsia has a
25-year heritage of drug discovery, a broad portfolio of innovative drugs in
the pipeline, an experienced team of professionals covering all disciplines
from bench to bedside, and commercial operations in Europe and North America –
the ideal constellation for bringing innovative medicines to patients.
Idorsia was listed on the SIX Swiss Exchange (ticker symbol: IDIA) in June
2017 and has over 750 highly qualified specialists dedicated to realizing our
ambitious targets.
For further information, please contact
Andrew C. Weiss
Senior Vice President, Head of Investor Relations & Corporate Communications
Idorsia Pharmaceuticals Ltd, Hegenheimermattweg 91, CH-4123 Allschwil
+41 58 844 10 10
investor.relations@idorsia.com
media.relations@idorsia.com
www.idorsia.com
The above information contains certain 'forward-looking statements', relating
to the company's business, which can be identified by the use of
forward-looking terminology such as 'estimates', 'believes', 'expects', 'may',
'are expected to', 'will', 'will continue', 'should', 'would be', 'seeks',
'pending' or 'anticipates' or similar expressions, or by discussions of
strategy, plans or intentions. Such statements include descriptions of the
company's investment and research and development programs and anticipated
expenditures in connection therewith, descriptions of new products expected to
be introduced by the company and anticipated customer demand for such products
and products in the company's existing portfolio. Such statements reflect the
current views of the company with respect to future events and are subject to
certain risks, uncertainties and assumptions. Many factors could cause the
actual results, performance or achievements of the company to be materially
different from any future results, performances or achievements that may be
expressed or implied by such forward-looking statements. Should one or more of
these risks or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those described herein
as anticipated, believed, estimated or expected.
Anhang Medienmitteilung PDF