JWCA advises Sarepta Therapeutics on an exchange of a majority of its remaining 2027 convertible into its existing 2030 convertible notes

december 2025 | read press release

Transaction Background

Following the exchange of a portion of its 1.25% convertible due 2027 into a $602mm issuance of 4.875% convertible due 2030 in August, Sarepta Therapeutics, Inc. (“SRPT” or the “Company”) was interested in refinancing more of its remaining outstanding notes due 2027

JWCA designed a re-opening transaction that allowed the company to exchange its convertible due 2027 into its recently issued convertible due 2030, which was trading above it’s initial trading price

SRPT’s objectives included:

• Extend maturity on a majority of its remaining outstanding $450mm convertible notes due 2027

• Keep terms the same as 2030s to limit equity dilution

• Execute in an overnight manner to mitigate stock price risk associated with a day of public marketing

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

• Analyzed range of reopening scenarios and structured transaction to best meet Company’s objectives

• Led targeting, outreach, and negotiation of transaction with investors

Results

SRPT was able to exchange $291.4mm (~65%) of its outstanding convertible due 2027 into its convertible due 2030. Only $158.6mm of 2027s remain outstanding

The Company also delivered ~$31.6mm in cash to investors as part of the transaction

Avoided market risk as the re-opening was executed overnight after a confidential marketing process with existing convertible investors

JWCA purchased SRPT stock from hedging investors to help facilitate the transaction