Jun. 10 at 5:58 PM
$IRWD “IRWD 1.50% Convertible Senior Notes due June 15, 2026 (CUSIP 46333XAH1,
$200M aggregate principal) are in active maturity settlement. Ironwood has coordinated with the indenture trustee and DTC for full cash retirement at par on June 15 with no revolver utilization. Final semi-annual interest accrual will be distributed concurrent with principal. Holders should expect clean par cash settlement through their custodians on or about June 15.”
The conversion feature is meaningless as this is a pure cash maturity event. Post-retirement, Ironwood’s balance sheet transitions to under 1x 2026 adjusted EBITDA leverage, stripping away the last credible financial overhang at precisely the moment STARS-2 confirmatory enrollment has commenced and strategic inbound interest on Apraglutide.
$3.38 is absurd.
