10 Big Names Investors Are Dumping

6. Cytokinetics, Inc. (NASDAQ:CYTK)

Shares of Cytokinetics dropped by 4.42 percent on Wednesday to end at $47.56 apiece after upsizing its senior convertible notes issuance to $650 million.

In a statement, Cytokinetics, Inc. (NASDAQ:CYTK) said it aimed to raise $650 million from the offer, an increase from the $550 million targeted initially. The notes carry a yield rate of 1.75 percent until 2031 and will only be sold to qualified institutional buyers by way of a private placement.

Cytokinetics, Inc. (NASDAQ:CYTK) said proceeds from the offer will be used to refinance a portion of the existing 3.50 percent convertible senior notes due 2027. It will issue 2.16 million common shares that is expected to shave off $399.5 million worth of debt.

Any remaining proceeds from the offer will be used to support the potential commercial launch of aficamten, and other general corporate purposes, including the potential retirement of the remaining 2027 notes that were not converted before or at the maturity date.

Cytokinetics, Inc. (NASDAQ:CYTK) said it expects to close the sale of the notes on Friday, September 19, subject to closing conditions.