Company: SRPT
Filing Date: 2025-08-29
Form Type: 8-K
Source: 0001193125-25-192794
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Company: Sarepta Therapeutics, Inc.
Filing Date: 2025-08-29
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

As previously announced, on August 20, 2025, Sarepta Therapeutics, Inc. (the “ Company”) entered into separate, privately negotiated exchange agreements (the “ Exchange Agreements”) with certain holders of its 1.25% Convertible Senior Notes due 2027 (the “ Existing Convertible Notes”). Under the terms of the Exchange Agreements, the holders party thereto agreed to exchange with the Company $700.0 million in aggregate principal amount of Existing Convertible Notes held by them for consideration consisting of (i) $602.0 million in aggregate principal amount of 4.875% Convertible Senior Notes due 2030 (the “ New Convertible Notes”), (ii) an aggregate of 5,851,693 shares of the Company’s common stock, par value $0.0001 per share (“ Common Stock”), and (iii) an aggregate of approximately $123.3 million in cash.

The New Convertible Notes were issued by the Company on August 28, 2025 pursuant to an Indenture, dated as of such date (the “ Indenture”), between the Company and U. S. Bank Trust Company, National Association, as trustee (the “ Trustee”). The New Convertible Notes bear cash interest at the annual rate of 4.875%, payable on March 1 and September 1 of each year, beginning on March 1, 2026, and will mature on September 1, 2030 unless earlier redeemed, converted or repurchased. The Company will settle conversions of New Convertible Notes through payment or delivery, as the case may be, of cash, Common Stock or a combination of cash and Common Stock, at the Company’s option (subject to, and in accordance with, the settlement provisions of the Indenture). The New Convertible Notes have an initial conversion rate of 16.6667 shares of Common Stock (subject to adjustment as provided for in the Indenture) per $1,000 principal amount of New Convertible Notes (which is equivalent to an initial conversion price of approximately $60.00 per share of Common Stock), representing an approximately 191.5% conversion premium based on the last reported sale price of Common Stock of $20.58 per share on August 20, 2025.

Prior to September 6, 2028, the New Convertible Notes will not be redeemable. On or after September