JWCA advises PTC therapeutics on its $550 million convertible bond issuance and re-financing of outstanding convertible notes

June 2026 | read press release

Transaction Background

PTC Therapeutics successfully raised $550mm in the convertible market at very attractive terms (0.00% coupon and 40.0% conversion premium), while refinancing $222mm (80%) of the outstanding convertible due 2026

Company objectives:

• Refinance a portion of convertible due in September 2026 and repay the remaining at maturity

• Minimize stock price risk

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

• Convertible refinancing and execution strategy

• Syndicate structure and precedent data

• Accounting and tax analyses

• Shareholder messaging

• Convertible documentation to ensure maximum value and future efficiency/flexibility

JWCA provided advice, support and analysis throughout the execution process

Results

PTC 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 conversion premium priced higher than high end of the initial marketed conversion premium range

• Refinanced ~80% of the Company’s 2028 convertible notes

• PTC’s stock price traded up ~2.2%. This compares to a typical stock price reaction on average down 5 – 10%.