| Issuer / Guarantor | Zenas BioPharma Inc |
|---|---|
| Size | USD 200mn |
| Type | Convertible |
| Leads | Jefferies, Evercore, Citigroup, Guggenheim Securities |
| Maturity | 01 Apr 2032 (6 years) |
| Coupon | 2.5% (2.5 - 2.75%) |
| Premium | 32.5% (30 - 32.5%) |
| Calls | NC4; PC @ 130% w table MW |
| Puts | t/o @ 100% |
| Div protection | Ratio adjustment (Full) |
| T/o protection | Make-whole table |
| CoCo | 130% to Dec 2031 (5.8 yrs) |
| Announced | 26 Mar 2026 |