Kadmon Announces Closing of $240 Million Convertible Senior Notes Offering Including Full Exercise of $40 Million Over-Allotment Option

Kadmon Holdings, Inc. (Nasdaq:KDMN) today announced the closing of $240 million aggregate principal amount of 3.625% convertible senior notes due 2027 (the "Notes") in a private, overnight offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, which includes the full exercise of the $40 million over-allotment option. The initial conversion price of the Notes is equivalent to $6.96 per share, a premium of approximately 30% over the $5.35 per share closing price of Kadmon's common stock on February 10, 2021. Kadmon entered into capped call transactions to raise the conversion price to $10.70 per share, a premium of 100% over the $5.35 per share closing price of Kadmon's common stock.