Travere prices $475 million convertible notes to refinance 2029 debt

Travere Therapeutics, Inc. (NASDAQ: TVTX) announced the pricing of $475.0 million in convertible senior notes due 2032, increasing from the previously announced $400.0 million offering size. The notes carry a 0.50% annual interest rate and are expected to close on May 11, 2026.

The company granted underwriters a 30-day option to purchase an additional $50.0 million in notes to cover over-allotments. Net proceeds are estimated at approximately $460.0 million, or $508.5 million if the over-allotment option is fully exercised, after deducting underwriter fees and expenses.

Travere plans to use approximately $350.9 million of the proceeds to repurchase about $221.4 million in aggregate principal amount of its outstanding 2.25% convertible notes due 2029. The remaining proceeds will fund general corporate purposes including commercialization expenses, clinical trials, research and development, capital expenditures, and working capital.

The notes will be convertible at an initial rate of 15.4078 shares per $1,000 principal amount, equivalent to a conversion price of approximately $64.90 per share. Conversion will be subject to certain conditions before February 17, 2032, after which holders may convert at any time until maturity.

Travere may redeem the notes starting May 21, 2029, but only if its common stock price exceeds 130% of the conversion price under specific conditions. The notes will mature on May 15, 2032.

J.P. Morgan, Jefferies, and Leerink Partners serve as joint book-running managers for the offering, with Guggenheim Securities acting as lead manager. The offering has been registered under the Securities Act of 1933.

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