03:20 AM EST, 03/07/2024 (MT Newswires) -- Avid Bioservices ( CDMO ) said late Wednesday it priced a private placement to eligible purchasers of $160 million principal amount of 7% convertible senior notes due 2029.

The notes will be convertible at an initial rate of about $9.89 per share.

Net proceeds will be used for debt redemption, the company said.

Closing of the offering is expected to occur on March 12, subject to customary conditions.

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