Convertible arbitrage

Wellesley Asset Management, Inc. Announces New Portfolio Manager to Join its Investment Team

Retrieved on: 
Tuesday, December 19, 2023
Bryant University, Risk, Phoenix, Convertible arbitrage, Loss, Johns Hopkins University, Climate, Aviva Investors, Portfolio management, Policy, CFA, Security (finance)

PORTSMOUTH, N.H., Dec. 19, 2023 /PRNewswire/ -- Wellesley Asset Management ("Wellesley"), an asset manager specializing in convertible bonds, is pleased to announce the recent addition of David Clott, CFA, to its Portfolio Management team.

Key Points: 
  • PORTSMOUTH, N.H., Dec. 19, 2023 /PRNewswire/ -- Wellesley Asset Management ("Wellesley"), an asset manager specializing in convertible bonds, is pleased to announce the recent addition of David Clott, CFA, to its Portfolio Management team.
  • A highly respected investment professional with 30 years of experience, David's convertible bond investing experience began in the mid 1990's as an analyst at Phoenix Investments.
  • David joined Aviva Investors in 1999 as a US convertible bond portfolio manager and in 2002 David founded the Aviva Investors Global Convertible Bond Strategy, launching a European based long only convertible mutual fund.
  • "We are thrilled to have such a seasoned professional join our convertible bond team," said Michael Miller, President and Chief Investment Officer.

Ironwood Pharmaceuticals Announces Pricing of Upsized $350 Million Convertible Senior Notes Offering

Retrieved on: 
Thursday, August 8, 2019
Biotechnology, Health, Pharmaceutical, Clinical trials, Finance, Economy, Money, Corporate finance, Financial markets, Convertible bond, Equity securities, Stock market, Ironwood, Convertible security, Convertible arbitrage, Stock

Ironwood Pharmaceuticals, Inc. (Ironwood) (Nasdaq: IRWD), a GI-focused healthcare company, today announced the pricing of $175 million aggregate principal amount of convertible senior unsecured notes that will mature on June 15, 2024 (the 2024 Notes) and $175 million aggregate principal amount of convertible senior unsecured notes that will mature on June 15, 2026 (the 2026 Notes and, together with the 2024 Notes, the Notes).

Key Points: 
  • Ironwood Pharmaceuticals, Inc. (Ironwood) (Nasdaq: IRWD), a GI-focused healthcare company, today announced the pricing of $175 million aggregate principal amount of convertible senior unsecured notes that will mature on June 15, 2024 (the 2024 Notes) and $175 million aggregate principal amount of convertible senior unsecured notes that will mature on June 15, 2026 (the 2026 Notes and, together with the 2024 Notes, the Notes).
  • The Notes will be convertible, only during certain periods and subject to certain circumstances, into cash, shares of Ironwood Class A common stock (Ironwood common stock), or a combination of cash and shares of Ironwood common stock, at Ironwoods election.
  • In connection with the pricing of the Notes, Ironwood also entered into capped call transactions with certain financial institutions (the option counterparties).
  • In particular, Ironwood expects that many holders of the existing convertible notes employ a convertible arbitrage strategy with respect to the existing convertible notes and have a short position with respect to Ironwood common stock that they would close, through purchases of Ironwood common stock, in connection with Ironwoods repurchase of their existing convertible notes.

Ironwood Pharmaceuticals Announced Proposed Offering of $330 Million of Convertible Senior Notes

Retrieved on: 
Tuesday, August 6, 2019
Biotechnology, Health, Pharmaceutical, Clinical trials, Finance, Money, Economy, Corporate finance, Convertible bond, Convertible arbitrage, Ironwood, Convertible security, Stock

Ironwood Pharmaceuticals, Inc. (Ironwood) (Nasdaq: IRWD), a GI-focused healthcare company, today announced that it intends to offer, subject to market and other conditions, $165 million aggregate principal amount of convertible senior unsecured notes that will mature on June 15, 2024 (the 2024 Notes) and $165 million aggregate principal amount of convertible senior unsecured notes that will mature on June 15, 2026 (the 2026 Notes and, together with the 2024 Notes, the Notes).

Key Points: 
  • Ironwood Pharmaceuticals, Inc. (Ironwood) (Nasdaq: IRWD), a GI-focused healthcare company, today announced that it intends to offer, subject to market and other conditions, $165 million aggregate principal amount of convertible senior unsecured notes that will mature on June 15, 2024 (the 2024 Notes) and $165 million aggregate principal amount of convertible senior unsecured notes that will mature on June 15, 2026 (the 2026 Notes and, together with the 2024 Notes, the Notes).
  • The Notes will be convertible, only during certain periods and subject to certain circumstances, into cash, shares of Ironwood Class A common stock (Ironwood common stock), or a combination of cash and shares of Ironwood common stock, at Ironwoods election.
  • Ironwood currently expects to settle the remaining principal amount of the existing convertible notes in cash at maturity.
  • In particular, Ironwood expects that many holders of the existing convertible notes employ a convertible arbitrage strategy with respect to the existing convertible notes and have a short position with respect to Ironwood common stock that they would close, through purchases of Ironwood common stock, in connection with Ironwoods repurchase of their existing convertible notes.