JWCA advises Ionis Pharmaceuticals on its $770 million convertible bond issuance and re-financing of outstanding convertible notes

NOVEMBER 2025 | Read PRESS RELEASE

Transaction Background

Ionis successfully raised $770mm in the convertible market at very attractive terms (0.00% coupon and 35.0% conversion premium), while refinancing $200mm (~32%) of the outstanding convertible due 2026

Company objectives:

Refinance part of convertible due in April 2026 and repay the remaining at maturity
Minimize stock price risk by targeting long only investors

JWCA provided extensive analysis for Ionis on deal structuring and related items, such as:

Convertible refinancing and stock impact
Repurchase analysis and execution strategy
Syndicate structure and precedent data
Advice on pricing on the day of execution

This transaction is the 6th time JWCA has assisted Ionis in convertible executions. Prior transactions include:

$575mm convert issuance and simultaneous repurchase of existing convert in 2023
$633mm convertible issuance and simultaneous repurchase of existing convert in 2021
$549mm convertible exchange and new issuance in 2019
$183mm convertible exchange in 2016
$500mm convertible new issuance in 2014

Results

Ionis’ convertible issuance was very well-received by investors

The transaction was multiple times oversubscribed, reflecting strong investor interest and demand in the Company’s offering
The coupon priced at the company friendly end of the marketed coupon range and the conversion premium priced higher than high end of the initial marketed conversion premium range
Refinanced ~32% of the Company’s 2026 convertible notes
IONS’ stock price traded up 0.3% due to a strong order book of long-only investors. This compares to a typical stock price reaction on average down 5 – 10%.