Clovis Oncology Announces Debt Exchange Transaction and Offering of Convertible Senior Notes

Nov 05, 2020

Clovis Oncology, Inc. (NASDAQ: CLVS) announced today that on November 4, 2020 it entered into a privately negotiated exchange and purchase agreement (the “Agreement”) with a holder of its currently outstanding 4.50% Convertible Senior Notes due 2024 (the “Existing 2024 Notes”). Pursuant to the Agreement, in exchange for $64,842,000 aggregate principal amount of Existing 2024 Notes held by the holder (which is currently convertible into approximately 8.9 million shares of common stock), Clovis Oncology has agreed to issue to the holder a number of shares of the Company’s common stock (the “Exchanged Shares”) utilizing an exchange ratio that is based in part on the daily volume-weighted average prices (“VWAPs”) per share of Clovis Oncology’s common stock during a seven-trading day pricing period following execution of the Agreement.

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