TLPPF · Telix Pharmaceuticals Limited

Telix Pharmaceuticals is executing a strategic refinancing of its existing convertible bonds due 2029 through a new US$550 million convertible notes offering due 2031, issued by its wholly-owned subsidiary Telix Pharmaceuticals (Investments) Inc. and fully guaranteed by the parent and Telix Pharmaceuticals (US) Inc. This move extends debt maturity by two years while maintaining low-cost financing at a coupon/yield range of 1.50-1.75%, with an investor put option after three years providing downside protection. The notes are non-dilutive until conversion, with an initial conversion price set at a 35.0-37.5% premium to the reference share price determined via a concurrent delta placement of ordinary shares to facilitate investor hedging. Managing Director and Group CEO Dr. Christian Behrenbruch emphasized this as a proactive capital management approach, highlighting cost-effective financing. Net proceeds, after fees, will first fully repurchase the existing bonds via a concurrent reverse bookbuilding process, with any excess allocated to general corporate purposes, supporting ongoing radiopharmaceutical development and commercialization efforts. The offering targets eligible investors under Reg S (Cat 2), with listing intended on the Singapore Exchange, and final terms set by bookbuild expected before April 15, 2026 market open. J.P. Morgan serves as sole bookrunner and dealer manager, while a stock borrow facility from an affiliate involving the Behrenbruch Family Trust enables hedging. This refinancing strengthens Telix's balance sheet flexibility amid its growth in precision medicine and therapeutics pipelines.