Exhibit 99.1
Travere Announces Proposed Convertible Senior Notes Offering
Mar 08, 2022
SAN DIEGO, March 08, 2022 (GLOBE NEWSWIRE) — Travere Therapeutics, Inc. (Nasdaq: TVTX) today announced its intention to offer, subject to market and other conditions, $250 million aggregate principal amount of convertible senior notes due 2029 (the “Notes”) in an underwritten offering. Travere also expects to grant the underwriters of the Notes an option to purchase, for settlement on or before March 31, 2022, up to an additional $37.5 million aggregate principal amount of Notes, solely to cover over-allotments. As described in more detail below, Travere intends to use a portion of the net proceeds from the offering to repurchase a portion of its currently outstanding convertible notes.
The Notes will be senior unsecured obligations of Travere and will accrue interest payable semiannually in arrears. The Notes will be convertible in certain circumstances into cash, shares of Travere’s common stock, or a combination of cash and shares of Travere’s common stock, at Travere’s election. The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of the pricing of the offering.
Travere intends to use a portion of the net proceeds from the offering to repurchase a portion of its outstanding 2.50% senior convertible notes due 2025 (the “2025 Notes”) for cash, depending on negotiations and pricing determinations in connection with such proposed repurchase transactions. Travere is negotiating these repurchases with certain of the holders of the 2025 Notes, and no assurance can be given as to how much, if any, of the 2025 Notes will be repurchased or the price at which they will be repurchased. Travere intends to use the remaining net proceeds from the offering for general corporate purposes, which may include clinical trial and other research and development expenses, commercialization expenses, capital expenditures, working capital and general and administrative expenses.
Jefferies, SVB Leerink, BofA Securities and Evercore ISI are acting as joint book-running managers for the offering.
The offering of the Notes has been registered under the Securities Act of 1933, as amended. For additional information relating to the offering, Travere refers you to its Registration Statement on Form S-3, which Travere filed with the Securities and Exchange Commission (the “SEC”) on September 3, 2021 and which became immediately effective on the same date. A preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from Jefferies LLC, by mail at Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by calling 877-821-7388, or by emailing Prospectus_Department@Jefferies.com; from SVB Securities LLC, by mail at Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, Massachusetts 02109, by telephone at 1-800-808-7525 ext. 6105, or by email at syndicate@svbleerink.com; or from BofA Securities, by mail at NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or email at dg.prospectus_requests@bofa.com; or from Evercore Group L.L.C., by mail at 55 East 52nd Street, 36th Floor, New York, NY 10055, Attention: Equity Capital Markets, or by calling 888-474-0200, or by email at ecm.prospectus@evercore.com.
