Telix (NASDAQ: TLX) refinances with US$600M 2031 convertible bonds
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Telix Pharmaceuticals Limited has priced and upsized a US$600 million Offering of 1.50% convertible bonds due on or about 22 April 2031, issued by its U.S. subsidiary and guaranteed by Telix and a U.S. affiliate. The Convertible Bonds are convertible into Telix ordinary shares at an initial conversion price of US$13.85 (~A$19.55) per share, a 37.5% premium to a A$14.22 reference share price. Telix will concurrently repurchase approximately A$637 million of its existing A$650 million convertible bonds due 2029, with the balance intended to be redeemed, materially extending its debt maturity profile. Settlement of the new Offering and the Concurrent Repurchase is expected on 22 April 2026, subject to customary conditions, and is supported by a stock borrow facility over 15 million shares for 11 months.
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Insights
Telix refinances 2029 converts with larger, longer-dated 2031 issue.
Telix is issuing US$600 million of 1.50% convertible bonds due 2031, upsized from an initial US$550 million target. The initial conversion price of US$13.85 (~A$19.55) per share implies a 37.5% premium to the A$14.22 reference share price.
Proceeds are tied to a Concurrent Repurchase of approximately A$637 million of existing A$650 million convertible bonds due 2029, with Telix intending to redeem the small remaining balance. This materially shifts convertible debt maturity from 2029 to 2031 while keeping a relatively low coupon of 1.50% per annum, payable quarterly.
The transaction includes an investor put at the end of year three and standard anti-dilution adjustments, including for dividends, affecting future conversion economics. A stock borrow facility over 15 million shares for 11 months supports hedging by investors. Actual dilution and cash impact will depend on future share price performance and conversion versus redemption outcomes.
Key Figures
New convertible bond size: US$600 million
Coupon rate: 1.50% per annum
Conversion price: US$13.85 (~A$19.55) per share
+5 more
8 metrics
New convertible bond size
US$600 million
Upsized Offering of 1.50% Convertible Bonds due 2031
Coupon rate
1.50% per annum
Interest on Convertible Bonds, payable quarterly starting 22 July 2026
Conversion price
US$13.85 (~A$19.55) per share
Initial conversion price for Convertible Bonds into Telix ordinary shares
Conversion premium
37.5% above A$14.22
Premium over reference share price of A$14.22 per ordinary share
Concurrent Repurchase amount
A$637 million
Approximate repurchase of existing A$650 million 2029 Convertible Bonds
Existing 2029 bonds outstanding
A$650 million
Principal of existing convertible bonds due 2029 targeted in refinance
Stock borrow shares
15 million shares
Stock lending agreement term of 11 months to support hedging
Maturity date
On or about 22 April 2031
Stated maturity of new Convertible Bonds (with 5-year tenor)
Key Terms
Convertible Bonds, conversion premium, reverse bookbuilding process, stock lending agreement, +2 more
6 terms
Convertible Bonds financial
"The convertible notes, also referred to as “convertible bonds” (“Convertible Bonds”), are convertible into fully paid ordinary shares"
A convertible bond is a loan a company issues that pays regular interest and can be exchanged for a fixed number of the company’s shares under specified terms. It matters to investors because it combines the steady income and lower downside risk of a bond with the upside potential of owning stock—like holding a ticket that can be cashed for equity if the share price rises—affecting returns, risk, and shareholder dilution.
reverse bookbuilding process financial
"Under the reverse bookbuilding process announced by Telix on 14 April 2026 (the “Concurrent Repurchase”)"
stock lending agreement financial
"has entered into a stock lending agreement with an affiliate of J.P. Morgan"
Reg S (Cat 2) regulatory
"Selling Restrictions | | Reg S (Cat 2) only"
anti-dilutive adjustments financial
"subject to anti-dilution adjustments set out in the final terms and conditions of the Convertible Bonds"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2026
Commission File Number: 001-42128
Telix Pharmaceuticals Limited
(Translation of registrant’s name into English)
55 Flemington Road
North Melbourne, Victoria 3051, Australia
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
On April 14, 2026 (Melbourne, Australia), Telix Pharmaceuticals Limited (the “Company”) filed an announcement with the Australian Securities Exchange titled “Telix Successfully
Prices and Upsizes US$600 Million Convertible Bonds” a copy of which is attached to this Form 6-K as Exhibit 99.1 and is incorporated herein by reference.
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99.1
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Press release – April 14, 2026
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Telix Pharmaceuticals Limited
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Date: April 14, 2026
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By:
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/s/ Christian Krautkramer
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Name: Christian Krautkramer
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Title: Group General Counsel
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Exhibit 99.1
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Telix Pharmaceuticals Limited
ACN 616 620 369 55 Flemington Road
North Melbourne
Victoria, 3051
Australia
ASX ANNOUNCEMENT
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Telix Successfully Prices and Upsizes US$600 Million Convertible Bonds
Melbourne (Australia) and Indianapolis, IN (U.S.) – April 14, 2026. Telix
Pharmaceuticals Limited (ASX: TLX, NASDAQ: TLX) (“Telix”) is pleased to announce that it has successfully priced and upsized its 1.50 per cent convertible notes due 2031 to be issued by its wholly-owned
subsidiary, Telix Pharmaceuticals (Investments) Inc. (the “Issuer”), and guaranteed by Telix and Telix Pharmaceuticals (US) Inc. from US$550 milion to US$600 milion due to strong demand (the “Offering”). 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 US$13.85 (~A$19.55) per Ordinary Share, which represents a conversion premium of 37.5 per cent over the reference share
price (A$14.22 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 1.50 per cent per annum. Interest will be payable quarterly in arrear on 22 January, 22 April, 22 July and 22 October in
each year, beginning on 22 July 2026. The Convertible Bonds will mature on or about 22 April 2031, unless redeemed, repurchased, or converted in accordance with their terms.
Under the reverse bookbuilding process announced by Telix on 14 April 2026 (the “Concurrent Repurchase”),
Telix will concurrently repurchase approximately A$637 milion of its existing A$650 milion convertible bonds due 2029 (“Existing Convertible Bonds”). The Concurrent Repurchase will result in the repurchase
and cancellation of more than 85% of the Existing Convertible Bonds. Telix intends to exercise its right to redeem the remaining Existing Convertible Bonds.
Settlement of the Offering and the Concurrent Repurchase is expected on 22 April 2026 and is subject to satisfaction of customary conditions. The Existing Convertible Bonds
that are to be repurchased will be cancelled in accordance with their terms and conditions.
Managing Director and Group CEO, Dr. Christian Behrenbruch, said: “The successful completion of the convertible bonds refinance is in line with our capital management strategy
and provides financial flexibility for Telix. We are pleased with the support we have received from both existing and new investors as part of the concurrent repurchase and new issue of convertible bonds.”
J.P. Morgan Securities plc (“J.P. Morgan”) is Sole Bookrunner on the Offering and Sole Dealer Manager on
the Concurrent Repurchase.
J.P. Morgan completed the delta placement of Ordinary Shares at a clearing price of A$14.22 per Ordinary Share, which represents an 8.0 per cent discount to Telix's closing
price of A$15.45 on 14 April 2026 and a 3.2 per cent discount to the 5-day volume weighted average price per share of A$14.69. This acts as the reference price to determine the initial conversion price of the Convertible Bonds.
Key terms of the Convertible Bonds
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Issuer
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Telix Pharmaceuticals (Investments) Inc.
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Guarantors
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Telix Pharmaceuticals Limited and Telix Pharmaceuticals (US) Inc.
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Issue Size
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US$600 million
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Ranking
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Direct, unconditional, unsubordinated and unsecured obligations of the Issuer and Guarantors
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Maturity Date
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On or about 22 April 2031 (5 years)
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Investor Put Option
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At the end of year 3
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Coupon / Yield
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1.50% p.a.
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Conversion Premium
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37.5% above the Reference Share Price
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Reference Share Price
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A$14.22 per Ordinary Share
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Conversion Price Adjustment
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Standard anti-dilutive adjustments including conversion price adjustment for all dividends paid by Telix
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Stock Borrow Facility
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Elk River Holdings Pty Ltd as the trustee for The Behrenbruch Family Trust (“Stock Lender”) in which Dr Behrenbruch holds an indirect interest has entered into a stock lending agreement with an
affiliate of J.P. Morgan (“Stock Borrower”) over 15 million Ordinary Shares. The Stock Borrow Facility has a term of 11 months.
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Listing
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SGX-ST
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Selling Restrictions
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Reg S (Cat 2) only
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About Telix Pharmaceuticals Limited
Telix is a global biopharmaceutical company focused on the development and commercialization of radiopharmaceuticals with the goal of addressing significant unmet medical need
in oncology and rare diseases. Telix is headquartered in Melbourne (Australia) with international operations in the United States, United Kingdom, Brazil, Canada, Europe (Belgium and Switzerland) and Japan. Telix is listed on the Australian
Securities Exchange (ASX: TLX) and the Nasdaq Global Select Market (NASDAQ: TLX).
Visit www.telixpharma.com for further information about Telix, including details of the latest share price, ASX and U.S. Securities and Exchange Commission (SEC) filings, investor and
analyst presentations, news releases, event details and other publications that may be of interest. You can also follow Telix on LinkedIn, X and Facebook.
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Telix Investor Relations (Global)
Ms. Kyahn Williamson
SVP Investor Relations and
Corporate Communications
kyahn.williamson@telixpharma.com
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Telix Investor Relations (Australia)
Ms. Charlene Jaw
Associate Director Investor
Relations
charlene.jaw@telixpharma.com
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Telix Investor Relations (U.S.)
Ms. Annie Kasparian
Director Investor Relations and Corporate Communications
annie.kasparian@telixpharma.com
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This announcement has been authorized for release by the Telix Pharmaceuticals Limited Board of Directors.
Legal Notices
Cautionary Statement Regarding Forward-Looking Statements.
You should read this announcement together with our risk factors, as disclosed in our most recently filed reports with the
Australian Securities Exchange (ASX), U.S. Securities and Exchange Commission (SEC), including our Annual Report on Form 20-F filed with the SEC, or on our website.
The information contained in this announcement is not intended to be an offer for subscription, invitation or recommendation with
respect to securities of Telix Pharmaceuticals Limited (Telix) in any jurisdiction, including Australia, Singapore, and the United States. The information and opinions contained in this announcement are subject to change without notification. To
the maximum extent permitted by law, Telix disclaims any obligation or undertaking to update or revise any information or opinions contained in this announcement, including any forward-looking statements (as referred to below), whether as a
result of new information, future developments, a change in expectations or assumptions, or otherwise. No representation or warranty, express or implied, is made in relation to the accuracy or completeness of the information contained or opinions
expressed in the course of this announcement.
This announcement may contain forward-looking statements, including within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995, that relate to anticipated future events, financial performance, plans, strategies or business developments. Forward-looking statements can generally be identified by the use of words such as "may", "expect", "intend", "plan",
"estimate", "anticipate", "believe", "outlook", "forecast" and "guidance", or the negative of these words or other similar terms or expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may
cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking
statements are based on Telix's good-faith assumptions as to the financial, market, regulatory and other risks and considerations that exist and affect Telix's business and operations in the future and there can be no assurance that any of the
assumptions will prove to be correct. In the context of Telix's business, forward-looking statements may include, but are not limited to, statements about: the initiation, timing, progress, completion and results of Telix's preclinical and
clinical trials, and Telix's research and development programs; Telix's ability to advance product candidates into, enroll and successfully complete, clinical studies, including multi-national clinical trials; the timing or likelihood of
regulatory filings and approvals for Telix's product candidates, including TLX101-Px and TLX250-Px, manufacturing activities and product marketing activities; Telix's sales, marketing and distribution and manufacturing capabilities and
strategies; the commercialization of Telix's product candidates, if or when they have been approved; Telix's ability to obtain an adequate supply of raw materials at reasonable costs for its products and product candidates; estimates of Telix's
expenses, future revenues and capital requirements; Telix's financial performance; developments relating to Telix's competitors and industry; the anticipated impact of U.S. and foreign tariffs and other macroeconomic conditions on Telix's
business, including as a result of war or other geopolitical conflicts; and the pricing and reimbursement of Telix's product candidates, if and after they have been approved. Telix's actual results, performance or achievements may be materially
different from those which may be expressed or implied by such statements, and the differences may be adverse. Accordingly, you should not place undue reliance on these forward-looking statements.
Neither this announcement nor any copy hereof may be taken into or distributed in the United States.
The information contained in this announcement is not for distribution, directly or indirectly, in or into the United States. The
Convertible Bonds, the guarantees and the Ordinary Shares to be issued upon conversion of the Convertible Bonds have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or the securities
laws of any state or other jurisdiction of the United States and they may not be offered or sold, resold, transferred or delivered, directly or indirectly, within the United States or to, or for the account or benefit of U.S. persons (as defined
in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. The Convertible Bonds and the
guarantees are being offered and sold solely outside the United States in an “offshore transaction” as defined in, and in reliance on Regulation S under the Securities Act.
Nothing in this announcement or anything attached to it shall form the basis of any contract or commitment.
The Concurrent Repurchase is not being made and will not be made, directly or indirectly, in or into the United States. This
includes, but is not limited to, facsimile transmission, electronic mail, telex, telephone, the internet and other forms of electronic communication. The Existing Convertible Bonds may not be tendered in the Concurrent Repurchase by any such use,
means, instrumentality or facility from or within the United States or by persons located or resident in the United States as defined in Regulation S of the Securities Act. Any purported tender of Existing Convertible Bonds made by a person
located in the United States will not be accepted.
This communication may not be distributed to the press or other media or forwarded, photocopied, passed on or, in any other
manner, transmitted to any other person. Non-compliance with the foregoing may constitute a violation of law. This information is subject to change.
This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of
this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.
All trademarks and trade names referenced in this press release are the property of Telix Pharmaceuticals Limited (Telix) or,
where applicable, the property of their respective owners. For convenience, trademarks and trade names may appear without the ® or ™ symbols. Such omissions are not intended to indicate any waiver of rights by Telix or the respective owners.
Trademark registration status may vary from country to country. Telix does not intend the use or display of any third-party trademarks or trade names to imply any affiliation with, endorsement by, or sponsorship from those third parties.
©2026 Telix Pharmaceuticals Limited. All rights reserved.
FAQ
What did Telix Pharmaceuticals (TLX) announce in this 6-K filing?
Telix announced a US$600 million convertible bond Offering due 2031 and a major repurchase of its 2029 convertible bonds. The new 1.50% Convertible Bonds were upsized from US$550 million and are paired with a Concurrent Repurchase of about A$637 million of A$650 million existing 2029 notes.
What are the key terms of Telix (TLX) new US$600 million Convertible Bonds?
The new Convertible Bonds carry a 1.50% annual coupon, maturing on or about 22 April 2031. They are convertible at US$13.85 (~A$19.55) per share, a 37.5% premium to the A$14.22 reference share price, and include an investor put option at the end of year three.
How is Telix (TLX) using the proceeds from the 2031 Convertible Bonds?
Telix is using the Offering alongside a Concurrent Repurchase of its 2029 Convertible Bonds. It plans to repurchase approximately A$637 million of A$650 million existing 2029 notes, cancel those bonds, and then exercise its right to redeem the small remaining balance, extending its debt maturity profile.
When will settlement occur for Telix (TLX) 2031 bonds and Concurrent Repurchase?
Settlement of both the US$600 million Offering and the Concurrent Repurchase is expected on 22 April 2026. Completion is subject to satisfaction of customary conditions, after which repurchased 2029 Convertible Bonds will be cancelled in line with their terms and conditions.