Shares of Moderna Inc. (NASDAQ:MRNA) are trading lower Friday morning after the company announced official terms for a major private debt offering. Here’s what investors need to know.
Moderna shares are experiencing downward pressure. Why is MRNA stock retreating?
Upsized $2.6 Billion Convertible Note Pricing Anchors Market Attention
Early activity on Friday centers on a capital structure update released early Friday morning. Moderna officially announced the pricing of $2.6 billion in 0.00% convertible senior notes due 2032, expanding the offering from an initial target of $2 billion.
Initial purchasers were granted an option to buy up to an additional $400 million in aggregate principal amount. The initial conversion price was set at approximately $210.58 per share, representing a 47.5% premium over Thursday’s closing price.
