JWCA aCTS AS exchange agent FOR ACORDA THERAPEUTICS ON ITS $276 MILLION CONVERTIBLE BOND EXCHANGE

DECEMBER 2019 | read press release

Transaction Background

Acorda had a $345mm convertible bond due in 2021 and was interested in exploring options for refinancing

Company objectives:

• Reduce near-term financing overhang of 2021 maturity

• Provide path to strengthen the balance sheet while balancing equity dilution

• Limit restrictive covenants

JWCA advised Acorda in negotiations with certain investors in the 2021 convertible to structure a package of consideration that could help achieve Acorda’s objectives

JWCA then led a private execution for Acorda to bring the transaction to other existing holders:

• Developed targeted approach to investors based on insight and knowledge of investor preferences to maximize size of the refinancing

• Strategy was able to build momentum for the exchange over a two-day period, ultimately getting 80% of the convertible refinanced

• Assisted the team with structuring, documentation, and settlement

• Provided advice, support, and analysis on all stages of the execution

Results

Company issued $207mm in a new secured convertible and offered $55mm in cash to investors to retire $276mm of existing 2021 convertible

Execution in private exchange process allowed for transaction to be priced without a day of risk in the market

Reduced debt notional by $69mm and extended maturity on 80% of the Company’s 2021 convertible notes by ~3.5 years