Novavax Announces Convertible Debt Refinancing

Group 1 - Novavax has entered into agreements to issue $225 million of 4.625% Convertible Senior Notes due 2031, which includes approximately $175.3 million in exchange for existing 5.00% Convertible Senior Notes due 2027 and approximately $49.7 million for cash [1][2][9] - The conversion price of the 2031 Notes is set at $11.14 per share, representing a 27.5% premium over the closing price on August 20, 2025 [2] - After the transactions, approximately $26.5 million of the 2027 Notes will remain outstanding, while the total principal amount of the 2031 Notes will be $225 million [2][3] Group 2 - The refinancing extends the maturity date of most existing debt to 2031, improving the capital structure of Novavax [3][9] - The company aims to optimize existing partnerships and expand access to its technology platform through R&D innovation and new collaborations [6]