Company: SRPT
Filing Date: 2025-12-11
Form Type: 8-K
Source: 0001193125-25-315032
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Company: Sarepta Therapeutics, Inc.
Filing Date: 2025-12-11
Form: 8-K
Item: Item 3.02
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Item 3.02      Unregistered Sales of Equity Securities.  

Exchange Transaction

On December 10, 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”), including the Michael A. Chambers Living Trust, an entity affiliated with Michael Chambers, a member of the Company’s board of directors. Under the terms of the Exchange Agreements, the holders party thereto have agreed to exchange with the Company approximately $291.4 million in aggregate principal amount of Existing Convertible Notes held by them for (i) approximately $291.4 million in aggregate principal amount of 4.875% Convertible Senior Notes due 2030 (the “ New Convertible Notes”), which is equal to $1,000 of New Convertible Notes per $1,000 principal amount of Existing Convertible Notes exchanged, and (ii) an aggregate of approximately $31.6 million in cash, which is equal to approximately $108.50 per $1,000 principal amount of Existing Convertible Notes exchanged and comprised of accrued and unpaid interest on $1,000 principal amount of Existing Convertible Notes, plus $120.17, less deemed accrued and unpaid interest on $1,000 principal amount of New Convertible Notes from August 28, 2025 (such exchanges, collectively, the “ Exchange”).

The New Convertible Notes will constitute “additional Notes” under the Indenture, dated as of August 28, 2025 between the Company and U. S. Bank Trust Company, National Association, as trustee (the “ New Convertible Notes Indenture”), governing the Company’s 4.875% Convertible Senior Notes due 2030 and will be issued pursuant to the terms thereof. The New Convertible Notes will be issued as part of the same series as the approximately $602 million of 4.875% Convertible Senior Notes due 2030 originally issued in August 2025. Following the closing of the Exchange, the aggregate principal amount of the Company’s 4.875% Convertible Senior Notes due 2030 will total $893.4 million.

The foregoing description of the New Convertible Notes Indenture and the New Convertible Notes does not purport to be complete and is qualified in its entirety by reference to the New Convertible Notes Indenture and