Tricida falls as kidney disease specialist launches convertible debt deal

Tricida

19/05/2020 15:19

** Tricida Inc  TCDA.O  shares falling 9.6% to $28.56 as co
looks to raise capital
    ** TCDA on track for biggest one-day % drop in 2 months
    ** Co offering privately $175 mln 7-yr convertible notes for
general corp purposes  urn:newsml:reuters.com:*:nBw72g8Y6a
    ** Bookrunner Goldman marketing notes with 3%-3.5% coupon,
25%-30% convertible premium, per IFR
    ** Offering expected to price Tues AMC
    ** TCDA has market value of ~$1.4 bln at stock's current
levels, per Refinitiv data
    ** With Tues move, stock extending YTD loss to ~25%
    ** Tricida's proposed capital raise comes amid biotech
offering blitz that has already seen 8 cos raise nearly $3 bln
this week  urn:newsml:reuters.com:*:nL1N2D10LN

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))