Telix Pharmaceuticals Ltd. upsized its convertible bond offering to $600 million after strong investor demand, marking Australia's largest such deal this year. The Melbourne-based cancer drugmaker initially sought $550 million but increased the size after receiving $2.25 billion in orders from new investors. Existing bondholders rolled into the new issue.

The bonds carry a 1.5% coupon and mature in 2031, with a conversion premium of 37.5% above the delta placement clearing price. Telix plans to use proceeds to repurchase existing convertible bonds due 2029. Investors also gain a put option after three years.

Despite the successful fundraising, Telix shares fell 4.2% Wednesday, their biggest drop since March 30. The company positions the new bonds as low-cost, non-dilutive financing until potential future stock conversions occur. This offering highlights continued investor appetite for Australian convertible securities amid market volatility.