08:09 AM EDT, 08/21/2025 (MT Newswires) -- Novavax ( NVAX ) said Thursday that it has entered agreements with some of the holders of its existing 5% convertible senior notes due 2027 and new investors under which the company will issue $225 million worth of 4.625% convertible senior notes due 2031.

The agreement includes $175.3 million principal amount of 2031 notes issued in exchange for $148.7 million worth of 2027 notes and $49.7 million principal amount of 2031 notes for cash, the company said.

The conversion price of the notes will initially be $11.14 per Novavax ( NVAX ) share, which represents a conversion premium of 27.5% over Wednesday's closing price, the company said.

Novavax ( NVAX ) said $26.5 million of the 2027 notes will remain outstanding after the transactions are completed, which are expected to occur by Aug. 27.