08:40 AM EDT, 05/10/2024 (MT Newswires) -- Pacira BioSciences ( PCRX ) said Friday that it priced $250 million of convertible senior notes due 2029 in a private placement to qualified institutional investors.

The company also granted the initial purchasers of the notes an option to buy up to an additional $37.5 million of notes. The offering is expected to settle on Tuesday.

Pacira said the net proceeds from the sale will be approximately $242 million, or $278.4 million if the initial purchasers fully exercise their option to purchase additional notes.

Pacira said it expects to use approximately $191.4 million of the net proceeds toward repurchasing $200 million worth of its outstanding 0.750% convertible senior notes due 2025, approximately $23.2 million to fund the cost of entering into capped call transactions and approximately $25 million to repurchase 837,240 shares of its common stock. The remainder will be used for general corporate purposes, including working capital and research and development expenditures.