Repligen to Issue $1 Billion Convertible Notes to Refinance 2028 Debt, Extend Maturities

Repligen Corp. (RGEN) said Friday it agreed to issue $1 billion in 0.25% convertible senior notes due 2031, with the transaction expected to close on or about November 6. Of the total, $541.4 million will be exchanged for $456.8 million of existing 1.00% notes due 2028, while $458.6 million will be issued for cash. The new notes carry an initial conversion price of $226.37 per share, a 20% premium to the October 29 closing price. The bioprocessing company expects $458.6 million in gross cash proceeds and plans to use about $120 million to repurchase shares from certain note purchasers at $188.64 per share through a financial intermediary. Remaining proceeds will fund working capital, general corporate purposes and potential acquisitions. Roughly $143.2 million of the 2028 notes will remain outstanding, and Repligen said it will receive no cash from the exchange transactions. Repligen said the deal extends debt maturity, lowers interest expense and improves financial flexibility, with a small benefit to adjusted EPS expected in 2026 and more in 2027. Shares closed Thursday at $188.64, up 2.14%.