Mirum Pharmaceuticals announces proposed convertible senior notes offering

Mirum Pharmaceuticals (NASDAQ:MIRM) intends to offer $200M aggregate principal amount of convertible senior notes due 2029 in a private offering to qualified institutional buyers.
The initial purchasers of the notes will have an option to purchase, for settlement within a period of 13 days of notes issued, up to an additional $30M principal amount of notes.
The notes will be senior, unsecured obligations, with interest accrued payable semi-annually in arrears and will mature on May 1, 2029, unless earlier converted, redeemed or repurchased by the company.
The company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at Mirum’s election.
The notes will be redeemable, in whole or in part for cash at the company's option at any time, and from time to time, on or after May 5, 2026 and, in the case of a partial redemption, on or before the 50th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Mirum’s common stock exceeds 130% of the conversion price for a specified period of time.
The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest.
The company will use the remaining net proceeds from this offering, if any, for general corporate purposes, including working capital, operating expenses and capital expenditures.
Source: Press Release