• Telix launches US$550 million convertible notes offering due 2031
• Proceeds will be used to repurchase existing convertible bonds due 2029
• New convertible bonds provide attractive, low-cost financing

Telix Pharmaceuticals Limited (ASX: TLX, NASDAQ: TLX) has launched an offering of US$550 million convertible notes due 2031 to be issued by its wholly-owned subsidiary, Telix Pharmaceuticals (Investments) Inc. The convertible notes will be guaranteed by Telix and Telix Pharmaceuticals (US) Inc. The new convertible bonds represent attractive, low-cost financing to Telix and are non-dilutive until any potential future conversions occur. The initial conversion price will be at a premium to Telix's current share price. After deducting commissions, professional fees and other administrative expenses, the net proceeds will be used to repurchase the existing convertible bonds due 2029. Any funds raised above that required for the repurchase of the existing convertible bonds will be applied to general corporate purposes. Concurrent with the offering, a delta placement of ordinary shares will be executed to facilitate hedging activity by investors in relation to the convertible bonds. The clearing price per ordinary share under the delta placement will be used as the reference share price for the convertible bonds.