JWCA acts as exchange agent for avadel’s $117.4 million exchangeable extension

march 2022 | read press release

Transaction Background

Avadel Pharmaceuticals (“AVDL” or the “company”) was interested in extending the maturity of its 2023 exchangeable in order to push out the re-financing event

Avadel’s objectives included:

• Extend the maturity of the existing notes with minimal cost

• Refinance the convertible later, once they receive more clarity to the FDA’s decision regarding FT218

• Minimize market risk and transaction costs

JWCA acted as exchange agent for the exchange and new issuance, providing the following support for the Company:

• Walked through tactics for optimal execution

• Led investor outreach and execution of exchange

• Assisted the team with documentation and settlement

Results

Avadel was able to extend the maturity by 8 months with a modest upfront payment

The extension was conducted confidentially with select investors, minimizing market risk for the Company

Exchanged nearly 82% of the existing 2023 exchangeable

The extension will provide the Company with additional time to wait for a response from the FDA