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- Concurrent Equity Offering (new) — The company is conducting a concurrent equity offering alongside the notes offering, increasing potential dilution and possibly affecting the trading price of both securities.
- No Trading Market For Notes (new) — The notes are a new security with no existing market and will not be listed, so investors may be unable to sell them at desired times or prices.
- Limited Covenants (new) — The indenture for the notes will not contain meaningful restrictions on the company's ability to incur additional debt or take other actions that could harm noteholders.
Vaxcyte prices $500M convertible notes offering at 1.50% due 2032, with concurrent $474.4M equity raise
Filed October 8, 2026 · ~2 min read
Key Changes
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Vaxcyte is offering $500 million of 1.50% convertible senior notes due 2032, with an initial conversion price of about $89.60 per share, a premium to the last reported sale price of $66.70.
The Offering verify on EDGAR → -
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The company expects net proceeds of approximately $485.8 million from the notes offering, or $558.7 million if underwriters fully exercise their option to purchase additional notes.
Use of Proceeds verify on EDGAR → -
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Concurrently, Vaxcyte is offering 7,412,500 shares of common stock and pre-funded warrants to purchase 400,000 shares at $64.00 per share, with expected net proceeds of about $473.3 million.
Use of Proceeds verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 8, 2026 · How we verify