Herbert Smith Freehills Kramer advises Telix Pharmaceuticals Limited on its US$600 million offer of convertible bonds and concurrent repurchase of existing convertible bonds

Herbert Smith Freehills Kramer (HSF Kramer) is pleased to have advised Telix Pharmaceuticals Limited (ASX: TLX, NASDAQ: TLX) (Telix) on: 

• the offering of US$600 million of new convertible bonds due 2031, which will be listed on the Singapore Securities Exchange; and
• the concurrent repurchase of Telix’s existing A$650 million of convertible bonds due 2029. 

Telix is a global biopharmaceutical company focused on the development and commercialization of radiopharmaceuticals with the goal of addressing significant unmet medical need in oncology and rare diseases.

The net proceeds of the offer of new convertible bonds will be used to repurchase Telix’s existing convertible bonds and for general corporate purposes. The transactions reflect Telix’s proactive approach to capital management, and the new convertible bonds will provide Telix with cost effective financing. The offer of the new convertible bonds was upsized from its original US$550 million to US$600 million due to strong support from investors globally.

HSF Kramer has a long standing relationship with Telix, and advised Telix on its A$650 million offer of convertible bonds in 2024.

The HSF Kramer team was led by partners Tim McEwen (Capital Markets; Corporate) and Patrick Lowden (Head of Debt Capital Markets and Securitisation, Australia), supported by Bevan Wang, Sankalp Labroo, Thea Yuen, Sarah Leong and Ru Zhang.

Tim McEwen said: “We are delighted to have again had the opportunity to support Telix on a significant capital markets transaction. Telix is a significant client, with an important purpose to help people with cancer and rare diseases live longer, better quality lives. These convertible bond transactions demonstrate the sophisticated capital solutions able to be deployed by high quality global companies. It was a pleasure to work closely with the Telix team to deliver this outcome.”

Patrick Lowden said: “Clients are increasingly looking to access the range of products available in the debt capital markets, where opportunities have grown strongly for Australian issuers in recent years. This is an area where our expertise and market experience advising on the full spectrum of products and geographies can be really valuable to clients, and we are very pleased to have been able to work again with Telix on another highly successful transaction.”

HSF Kramer continues to act on many of Australia’s most complex and innovative equity capital markets and debt capital markets transactions. Other recent examples include advising:

• PYC Therapeutics Limited on its ~A$653 million capital raise;
• AusNet on its A$1.1 billion Subordinated Notes issuance;
• 29Metals Limited on its A$150 million capital raise, conducted by way of a fully underwritten, accelerated pro rata non-renounceable entitlement offer;
• Australian Unity Limited on its A$160 million wholesale placement and A49.8 million pro rata non-renounceable entitlement offer of ASX listed mutual capital instruments;
• Light & Wonder on its transition to a sole standard listing on the ASX with a market capitalisation in excess of AUD$10.5 billion;
• GemLife Communities Group on its A$750 million IPO in 2025;
• MA Financial Group Limited (ASX:MAF) on the successful ASX listing and A$330m IPO of the MA Credit Income Trust in 2025;
• the ad hoc group of noteholders on the financial restructuring of InfraBuild Australia Pty Ltd’s US$550m, 14.5000% Senior Secured Notes;
• MA Credit Income Trust (MA1) in relation to its ~$50m placement to wholesale clients; and
• J.P. Morgan and UBS as Joint Lead Managers to Xero Limited’s placement and share purchase plan to raise up to ~A$2.05 billion.