Ocugen prices $115M convertible notes at 6.75% to repay debt and fund operations

Ocugen, Inc. has priced $115 million of 6.75% convertible senior notes due 2034 in a private offering to qualified institutional buyers. The company expects to net about $99.5 million, or up to $112.6 million if the initial purchaser exercises an option to buy more. Ocugen plans to use approximately $32.7 million of the proceeds to repay an outstanding loan and related fees, with the remainder going to general corporate purposes. The notes bear interest semi-annually, mature in 2034, and have conversion features allowing holders to convert into Ocugen common stock starting in 2027, subject to conditions.