Cytokinetics (CYTK) Drops on $650-Million Debt Issuance

Group 1 - Cytokinetics, Inc. (NASDAQ:CYTK) experienced a 4.42% drop in share price, closing at $47.56, following the announcement of an upsized senior convertible notes issuance to $650 million [1][3] - The company aims to raise $650 million from the offering, an increase from the initial target of $550 million, with a yield rate of 1.75% until 2031 [2] - Proceeds from the offering will be used to refinance a portion of existing 3.50% convertible senior notes due in 2027 and to support the potential commercial launch of aficamten [3][4] Group 2 - Cytokinetics plans to issue 2.16 million common shares, which is expected to reduce debt by approximately $399.5 million [3] - Any remaining proceeds will also be allocated for general corporate purposes, including the potential retirement of the remaining 2027 notes that were not converted [4] - The company expects to close the sale of the notes on September 19, subject to closing conditions [4]