JWCA acts as sole placement agent for Dynavax on its $225 million overnight convertible exchange, new issuance, and share repurchase

March 2025 | read press release

Transaction Background

Dynavax Technologies Corporation (“Dynavax” or the “Company”) was interested in opportunistically refinancing its outstanding 2026 convertible

Dynavax’s objectives for the refinancing transaction included:

• Extend maturity on a majority of its outstanding $226 million 2026 convertible notes

• Mitigate stock price risk typically seen in publicly-marketed convertible transactions

• Execute efficiently and minimize transaction costs

JWCA acted as sole placement agent for the transaction, providing the following support:

• Advised on financing tactics and investor targeting to drive Company-friendly terms

• Led investor outreach and execution of exchange and new issuance

• Negotiated the partial unwind of the existing capped call

• Structured a concurrent share repurchase to mitigate any excess hedging activity, allowing the transaction to be executed on an overnight basis

• Assisted the Company with investor messaging and documentation review

Results

Dynavax issued $225 million new convertible at attractive terms

Extended debt maturity by an additional ~4 years, increased conversion price from $10.47 to $18.21, and lowered coupon from 2.50% to 2.00%

The Company addressed a majority of its 2026 maturity by refinancing into a new convertible while raising an additional ~$40 million in new money

Avoided stock price risk as the exchange was executed overnight after a confidential marketing process with existing convertible investors and one new investor

Concurrently, Dynavax was also able to repurchase ~$8 million of stock overnight