04:40 AM EDT, 07/01/2025 (MT Newswires) -- Tempus AI ( TEM ) said Monday it has priced a private placement of $650 million of its 0.75% convertible senior unsecured notes due July 15, 2030.

The initial conversion rate is 11.8778 shares of class A common stock per $1,000 of notes, equivalent to an initial conversion price of about $84.19 per share.

The offering, upsized from $400 million, is set to close Thursday.

Initial purchasers have been granted a 13-day option to purchase up to an additional $100 million of notes.

Net proceeds from the offering will be used to repay $274.7 million of its outstanding senior secured term loans, as well as to pay the cost of certain capped call transactions and general corporate purposes.