JWCA HELPS APELLIS RAISE $300 million BY DESIGNING A NOVEL STRUCTURE TO RE-OPEN ITS CONVERTIBLE BOND AND CAPPED CALL

May 2020 | read press release

Transaction Background

Apellis was interested in accessing the convertible debt market to raise opportunistic capital to fund clinical development of pegcetacoplan (APL-2) and for working capital and other general corporate purposes

JWCA designed an innovative transaction that allowed the new securities to be issued under the same indenture and eventually become fungible with the existing tranche that was issued in September 2019

JWCA provided extensive analytics and support to aid in key decisions, including:

• Transaction design and documentation

• Tax fungibility

• Capped call execution

• Investor messaging

JWCA provided advice, support and analysis throughout the design, negotiation, and execution process

Results

Increased the size of the total issuance by over 136%

Re-opening was quicker and more efficient than a new issuance

Confidential marketing followed by an overnight execution eliminated stock price and market risk to the Company

Obtained significant savings in the capped call transaction through a novel design

The Company obtained aggressive pricing on the related capped call transaction without a formal bid process