Dynavax Announces Convertible Debt Refinancing, Common Stock Share Repurchase

(RTTNews) - Dynavax Technologies Corp. (DVAX), Thursday announced a debt refinancing and common stock share repurchase.

The company is set to issue $225 million in 2.0 percent Convertible Senior Notes due 2030, comprising an exchange for approximately $185 million of existing 2.50 percent Convertible Senior Notes due 2026 and $40 million in new notes.

The new notes will have an initial conversion price of $18.21 per share.

Additionally, the company will repurchase about $8 million of common stock. It also expects to receive $46.5 million from unwinding certain capped call derivatives, which will be used to partially offset the premium paid for the 2026 Notes in excess of par value and accrued and unpaid interest.

In the pre-market hours, Dynavax's stock is trading at $13.62, down 2.78 percent on the Nasdaq.