01:58 PM EST, 03/07/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph)

Avid Bioservices ( CDMO ) shares were down about 30% in recent Thursday trading, a day after the firm priced its $160 million of 7% convertible senior notes due 2029 in a private placement.

The conversion rate for the notes will initially be 101.1250 shares per $1,000 principal amount of notes, equivalent to an initial conversion price of about $9.89 per share, the company said.

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

Closing of the offering is expected to occur on March 12.

Price: 6.17, Change: -2.63, Percent Change: -29.86