Supernus has adjusted the conversion terms of its 0.625% convertible notes due 2031 following a special dividend declared in September. The change gives noteholders more shares for each $1,000 of principal if they convert, but no holders converted their notes into stock.
- The conversion rate increased from 24.0033 to 30.9355 shares per $1,000 of notes.
- The revised rate corresponds to an approximate conversion price of $32.33 per share, down from about $41.66 based on the previous rate.
- The notes continue to mature in 2031 and carry a 0.625% interest rate.
- The conversion rate may change again if certain events specified in the notes’ terms occur.
The adjustment changes the economics available to noteholders upon conversion; it does not itself convert the notes or issue shares. No bondholders converted their notes for common stock.