Replies to post #5277 on Revance Therapeutics Inc (RVNC)

[edcoolidge]

That's correct. Yet Revance has been punished along with other small caps that have floating rate debt. The market is pricing in that Revance will need to offer more debt at higher rates eventually to get to cashflow positive—although the company's official position refutes that.

[soma2022]

Revance Total Debt: $438M
1) 2027 Convertible Notes: $287.5M (fixed rate 1.75%). Revance purchased capped Call option for $29M on this debt to hedge against dilution from convert up to $49 per share. Convertible at $32.
2) Note Purchase Agreements: $150M drawn so far at 8.5% interest (lender: Athyrium). Additional $150M available by March 31st, 2024. All covenants appear to be ok.