Company: IMCR
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001671927-25-000009
Chunk: 26

Company: Immunocore Holdings plc
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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Level 2Interest-bearing loans and borrowings consisted of the following as of December 31, 2024 (in thousands):Fair ValuePrincipal AmountUnamortized Debt Issuance CostsNet Carrying AmountAmountLevelConvertible senior notes$402,500 $(11,487)$391,013 $337,174 Level 2

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Interest expense consisted of the following (in thousands): Three Months Ended March 31,20252024Convertible senior notesCoupon interest$2,516 $1,627 Amortization of debt issuance costs509 319 Pharmakon loan $— 1,293 Total interest expense$3,025 $3,239 Convertible senior notesOn February 2, 2024, the Company completed a private offering (the "Offering") of $402.5 million aggregate principal amount of Notes, including the exercise in full of the initial purchasers’ option to purchase up to an additional $52.5 million principal amount of Notes. The Notes were issued pursuant to an indenture, dated February 2, 2024, as supplemented on March 17, 2025 (the "Indenture"), between the Company and U.S. Bank Trust Company, National Association, as trustee. The Company’s net proceeds from the Offering of the Notes were $389.1 million, after deducting issuance costs of $13.4 million.The Notes are senior, unsecured obligations of the Company and will mature on February 1, 2030, unless earlier converted, redeemed or repurchased. The Notes will accrue interest payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2024, at a rate of 2.50% per year.Issuance costs incurred with the Notes were $13.4 million and are being amortized as interest expense on an effective interest rate method over the expected life of the Notes, through February 2030, at an effective interest rate of 3.06%.Holders may convert all or any portion of their Notes at their option at any time prior to the close of business on the business day immediately preceding the maturity date into American Depositary Shares ("ADSs") of the Company. The Notes have an initial conversion rate of 10.5601 ADSs per $1,000 principal amount of the Notes, which will be subject to anti-dilution adjustments in certain circumstances. This represented an initial conversion