ESPERION Announces Agreement to Exchange $15 Million in Principal Amount of its 4.00% Convertible Senior Subordinated Notes due 2025 for Common Stock
October 25 2021 - 7:00AM
Esperion (NASDAQ: ESPR) today announced that it has entered into a
privately negotiated exchange agreement with two co-managed holders
(the “Holders”) of its 4.00% Convertible Senior Subordinated Notes
due 2025 (the "Notes"). Under the terms of the exchange agreement,
the Holders agreed to exchange (the “Exchange”) with ESPERION $15.0
million aggregate principal amount of Notes held in the aggregate
by them (and accrued interest thereon) for shares of ESPERION’s
common stock. Pursuant to the exchange agreement, the number of
shares of ESPERION’s common stock to be issued by ESPERION to the
Holders upon consummation of the Exchange will be determined based
upon the volume-weighted-average-price per share of ESPERION’s
common stock, subject to a floor of $5.62 per share, during the
five trading-day averaging period, commencing on the trading day
immediately following the date of the exchange agreement. The
Exchange is expected to close on November 3, 2021, subject to the
satisfaction of customary closing conditions.
“Following our recently announced organizational
and operational plan, we are pleased to have reached an agreement
to exchange a portion of our 2025 Notes at a significant discount
to par, thereby reducing our cash interest expense and improving
our balance sheet. As we approach the CLEAR Outcomes’ study
results, we remain focused on opportunistically pursuing other
transactions to reduce debt and further improve our balance sheet,”
said Sheldon Koenig, president and CEO of ESPERION.
This press release does not constitute an offer
to sell or a solicitation to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful.
ESPERION TherapeuticsESPERION
is The Lipid Management Company. Our goal is lipid management for
everybody, that’s why we work hard to make our medicines easy to
get, easy to take and easy to have. We discover, develop and
commercialize innovative medicines and combinations to lower
cholesterol, especially for patients whose needs aren’t being met
by the status quo. Our entrepreneurial team of industry leaders is
inclusive, passionate and resourceful. For more information, please
visit www.esperion.com and follow us on Twitter at
www.twitter.com/EsperionInc.
Forward-Looking StatementsThis
press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of the federal securities
laws, including statements relating to the expected closing of the
exchange of the Notes pursuant to the Exchange Agreement and
expectations regarding future transactions to further improve
ESPERION’s balance sheet. Such forward-looking statements involve
risks and uncertainties that could cause actual results to differ
materially from predicted or expected results. The inclusion of
forward-looking statements should not be regarded as a
representation by ESPERION that any of these results will be
achieved. Actual results may differ from those set forth in this
Report due to the risks and uncertainties associated with the
satisfaction of closing conditions under the Exchange Agreement and
with entering into additional exchange agreements, as well as risks
and uncertainties described in ESPERION’s filings with the U.S.
Securities and Exchange Commission. Any forward-looking statements
contained in this Report speak only as of the date hereof, and
ESPERION disclaims any obligation or undertaking to update or
revise any forward-looking statements contained in this press
release, other than to the extent required by law. All
forward-looking statements are qualified in their entirety by this
cautionary statement.
Contact:Esperion Corporate
TeamCorporateteam@esperion.com
Esperion Therapeutics (NASDAQ:ESPR)
Historical Stock Chart
From May 2024 to Jun 2024
Esperion Therapeutics (NASDAQ:ESPR)
Historical Stock Chart
From Jun 2023 to Jun 2024