Telix raises $600mn in upsized convertible bond offering

Telix Pharmaceuticals has raised $600mn through an upsized convertible bond offering, reflecting strong investor demand for the group’s refinancing.

The notes, due in 2031 and carrying a 1.50 per cent coupon, were increased from an initially planned $550mn. They are convertible into ordinary shares at a 37.5 per cent premium to the reference price, underscoring investor confidence in the company’s growth prospects.

Proceeds will support a broader capital restructuring, with Telix simultaneously repurchasing the majority of its existing 2029 convertible bonds. The company expects to retire more than 85 per cent of the outstanding notes, with the remainder to be redeemed.

Christian Behrenbruch, chief executive, said the transaction enhances financial flexibility and aligns with the group’s capital management strategy.

J.P. Morgan acted as sole bookrunner on the deal, which is expected to settle later this month.