Esperion Therapeutics (ESPR) said Friday it entered into privately negotiated exchange and subscription agreements with certain holders of $210.1 million of its outstanding 4.00% convertible senior subordinated notes due 2025 who agreed to a combination of $57.5 million of new 5.75% convertible senior subordinated notes maturing in 2030 and around $153.4 million in cash for their notes.
Once the exchange transactions close, expected on Dec. 17, the company said around $54.9 million of the 2025 convertible notes will remain outstanding.
Esperion shares were down over 13% shortly ahead of Friday's opening bell.
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