Additional Relevant Details
The notes are senior unsecured obligations of Intercept. The notes bear interest at a rate of 3.25% per annum, payable semi-annually on January 1 and July 1 of each year, beginning on January 1, 2017. The notes mature on July 1, 2023, unless earlier repurchased, redeemed or converted. The notes are convertible at the option of holders, under certain circumstances and during certain periods, into cash, shares of Intercept's common stock or a combination of cash and shares of Intercept's common stock, at Intercept's election. The initial conversion rate of the notes is 5.0358 shares of Intercept's common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $198.58 per share of Intercept's common stock. The initial conversion price represents a premium of approximately 32.5% over the last reported sale price of Intercept's common stock on June 29, 2016 of $149.87. The conversion rate is subject to adjustment upon the occurrence of certain events. Intercept may redeem for cash all or part of the notes, at its option, on or after July 6, 2021, under certain circumstances at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.