QDEL.png

JWCA ADVISES QUIDEL ON an ADDITIONAL $45.4MM exchange of ITS 3.25% convertible notes due 2020 into common equity, BRINGING the total exchanged to over 154mm (~89% of notional)

JUNE 2019 | read press release

Transaction Background

In a continuation of the exchange transactions executed in February and May 2018, JWCA advises Quidel on an additional exchange of $45.4mm of its 3.25% Convertible due 2020

Company objectives:

  • Reduce debt and increase financial flexibility

  • Optimize economics

  • Minimize stock price impact

JWCA assisted Quidel to optimize the execution, through analysis of:

  • Exchange economics

  • Liquidity and cash savings

  • Potential selling impact

  • Investor targeting

Results

The Company executed a successful liability management transaction for its 3.25% convertible notes due 2020:

  • Exchanged additional $45.4mm of its 3.25% convertible senior notes due 2020 for common equity

  • In combination with exchanges executed in 2018, QDEL has effectively retired ~89% of its original total of $172.5mm of convertible debt outstanding

  • Saved an estimated ~$2.2 million of cash interest over the remaining life