Telix Successfully Prices A$650 Million Convertible Bonds

MELBOURNE, Australia, July 24, 2024 – Telix Pharmaceuticals Limited (ASX: TLX) (Telix, the Company, the Issuer) is pleased to announce that it has successfully priced A$650 million 2.375 per cent convertible notes due 2029. The convertible notes, also referred to as “convertible bonds” (Convertible Bonds), are convertible into fully paid ordinary shares in Telix (Ordinary Shares). The Offering received strong support from eligible investors globally.

The initial Conversion Price of the Convertible Bonds is A$24.78 per Ordinary Share, which represents a conversion premium of 32.5 per cent over the Reference Share Price (A$18.70 per Ordinary Share), subject to anti-dilution adjustments set out in the final terms and conditions of the Convertible Bonds.

The Convertible Bonds will bear interest at a rate of 2.375 per cent per annum. Interest will be payable quarterly in arrear on 30 October, 30 January, 30 April and 30 July in each year, beginning on 30 October 2024.

The Convertible Bonds will mature on or about 30 July 2029, unless redeemed, repurchased, or converted in accordance with their terms.

The net proceeds, after transaction costs, are intended to provide funding to bring forward proposed investment in order to accelerate key clinical development programs across the Company’s theranostic portfolio. This includes label-expansion studies to expand the market opportunity across Telix’s portfolio of diagnostic imaging agents and funding the pivotal trials for kidney and brain cancer therapy programs.

In addition, the funding will provide financial flexibility for Telix to explore opportunities and potentially pursue strategically significant M&A transactions and continued investment in global supply chain and manufacturing capabilities.

Settlement of the Offering is expected on 30 July 2024 and is subject to satisfaction of customary conditions. The Convertible Bonds will be listed on the Singapore Exchange Securities Trading Limited (SGX-ST). Telix will lodge an offering circular in connection with the Convertible Bonds with the SGX-ST. The offering circular contains operating and financial information, and includes an updated pro-forma capitalisation and indebtedness summary of the Company, reflecting the impact of the Convertible Bonds as at 31 March 2024.

Managing Director and Group CEO Dr. Christian Behrenbruch said: “The Convertible Bonds provide us with attractive, low-cost financing at a clear inflection point in Telix’s journey. The proceeds deliver financial flexibility to execute on our strategic priorities, while reducing potential dilution of existing shareholders. We have been able to capitalise on strong business execution and market conditions to deliver attractive financing terms. We are very pleased with the strong support that we received from global investors in relation to the Offering.”

J.P. Morgan Securities Plc acted as Sole Manager (Manager) on the Offering.

The Manager completed the delta placement of Ordinary Shares at a clearing price of A$18.70 per Ordinary Share, which represents a 4.5 percent discount to the 10-day volume weighted average price per share of $19.59 on 23 July 2024. This acts as the Reference Price to determine the initial Conversion Price of the Convertible Bonds.

Key terms of the Convertible Bonds