--- title: "Travere sells $525 million of 2032 convertible notes to buy back $221 million" url: "https://aibio.space/news/travere-sells-525-million-2032-convertible-notes-buy-back-221-million/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-05-11" section: "Debt Financing" tickers: "NASDAQ:TVTX" source: "https://www.sec.gov/Archives/edgar/data/1438533/000119312526217100/d38424d8k.htm" summary: "The 0.50% notes would lift convertible principal to $619.9 million but cut the coupon. Travere said it would spend about $350.9 million to repurchase part" --- By the aibio.space Travere desk. Sources - [Travere Therapeutics (SEC 8-K)](https://www.sec.gov/Archives/edgar/data/1438533/000119312526217100/d38424d8k.htm) - [Travere Therapeutics pricing release (exhibit 99.2)](https://www.sec.gov/Archives/edgar/data/1438533/000119312526217100/d38424dex992.htm) - [Travere Therapeutics Q2 8-K](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000062/a2026q2_8-kxex991.htm) [TVTX](https://aibio.space/companies/travere-therapeutics/) 2026-05-11 # Travere sells $525 million of 2032 convertible notes to buy back $221 million of 2029 notes Tickers [TVTX](https://aibio.space/companies/travere-therapeutics/) The 0.50% notes would lift convertible principal to $619.9 million but cut the coupon. Travere said it would spend about $350.9 million to repurchase part of the older debt. ## Key facts - **Company**: Travere Therapeutics, Inc. (NASDAQ: TVTX) - **News type**: Debt Financing - **Primary source**: [Travere Therapeutics (SEC 8-K)](https://www.sec.gov/Archives/edgar/data/1438533/000119312526217100/d38424d8k.htm) *A city skyline seen across a river. Photo: Matt Bango, CC0, via StockSnap. The picture shows the field, not the companies named.* Travere Therapeutics closed a $525.0 million sale of 0.50% convertible senior notes due 2032 on May 11 and said it will use part of the money to buy back $221.4 million of its 2.25% notes due 2029. The [8-K filing](https://www.sec.gov/Archives/edgar/data/1438533/000119312526217100/d38424d8k.htm) says the offering included $50.0 million of notes sold on the underwriters' full exercise of their over-allotment option. The company priced the deal on May 6 at $475.0 million, [upsized from the $400.0 million](https://www.sec.gov/Archives/edgar/data/1438533/000119312526217100/d38424dex992.htm) it first proposed. The notes carry an initial conversion price of about $64.90 a share. ## The details The 2032 notes pay interest of 0.50% a year, with the first payment on November 15, 2026, and mature on May 15, 2032. Holders can convert only in set circumstances, and Travere settles conversions in cash, shares or a mix at its election, per the [proposal announcement](https://www.sec.gov/Archives/edgar/data/1438533/000119312526217100/d38424dex991.htm). Travere cannot redeem the notes before May 21, 2029. Travere estimated net proceeds at about $508.5 million after underwriting discounts and expenses, per the [8-K](https://www.sec.gov/Archives/edgar/data/1438533/000119312526217100/d38424d8k.htm). It said it would spend about $350.9 million in cash, including accrued interest, to retire $221.4 million of 2029 note principal, well above the principal being retired. By our arithmetic, estimated net proceeds of $508.5 million less the $350.9 million repurchase leave about $158 million. Of the [$316.3 million](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000042/tvtx-20260331.htm) of 2029 notes originally issued, about $94.9 million of principal would remain after the repurchase, by the same arithmetic. ## Context By our arithmetic, total convertible principal would rise to $619.9 million from [$316.3 million](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000042/tvtx-20260331.htm): $525.0 million of 2032 notes plus the $94.9 million of 2029 notes that would remain. Annual cash interest on that debt would be about $4.8 million, against about $7.1 million on the old notes alone, because the new notes carry a much lower coupon. The refinancing came weeks after FDA approval of FILSPARI in FSGS on [April 13](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000032/tvtx-20260413.htm), as Travere was investing in the launch. In the first quarter the company reported cash and marketable securities of [$264.7 million](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000041/a2026q1_8-kxex991.htm), before the notes. The [proposal announcement](https://www.sec.gov/Archives/edgar/data/1438533/000119312526217100/d38424dex991.htm) also warned that holders of the 2029 notes who had hedged their positions would likely buy stock at pricing, which the company said could raise the effective conversion price. ## What it means for investors Travere swapped a nearer maturity for a later one at a lower rate, took in about $158 million of net cash, and added about $300 million of principal. The cost is a larger debt load and the possibility of share dilution if the stock trades above the conversion price. The roughly $95 million of 2029 notes that would remain are a smaller tranche to deal with. The company's [first-quarter 10-Q](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000042/tvtx-20260331.htm) says cash and operating cash flow should fund operations beyond the next 12 months, and that it may need to refinance debt before maturity. ## What to watch The first interest payment on the 2032 notes is due November 15, 2026. One conversion trigger, a share price above 130% of the conversion price, can apply only in calendar quarters that start after September 30, 2026, per the [8-K](https://www.sec.gov/Archives/edgar/data/1438533/000119312526217100/d38424d8k.htm). The remaining 2029 notes mature on March 1, 2029. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story TVTX Travere Therapeutics, Inc. NASDAQ ยท United States Open the desk ## More from the Travere desk Debt Financing ### [Travere proposes $400 million convertible notes offering](https://aibio.space/news/travere-proposes-400-million-convertible-notes-offering/) May 5, 2026 Debt Financing ### [Pelthos amends Horizon venture loan, funds Loans E to H and adds Loans I and J](https://aibio.space/news/pelthos-amends-horizon-venture-loan-funds-loans-e-h-adds-loans/) Oct 30, 2026 Debt Financing ### [Repligen announces $1.0 billion private convertible notes transaction](https://aibio.space/news/repligen-announces-1-0-billion-private-convertible-notes-transaction/) Oct 30, 2026 --- Source page: https://aibio.space/news/travere-sells-525-million-2032-convertible-notes-buy-back-221-million/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Travere sells $525 million of 2032 convertible notes to buy back $221 million", 2026-05-11, https://aibio.space/news/travere-sells-525-million-2032-convertible-notes-buy-back-221-million/