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Ocugen Prices $115 Million Convertible Senior Notes Offering

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-- Ocugen (OCGN) priced $115 million of 6.75% convertible senior notes due 2034 in a private offering, with net proceeds expected at about $99.5 million, or $112.6 million if the option is fully exercised, the company said Tuesday.

The company also granted the initial purchaser a 13-day option to buy up to an additional $15 million of notes.

Ocugen will use about $32.7 million of proceeds to repay debt under its Avenue Capital Group loan, with the remainder for general corporate purposes, it added.

Shares of Ocugen were down 19% in Tuesday trading.

Price: $1.50, Change: $-0.36, Percent Change: -19.19%

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