The company intends to issue the notes with a maturity date of July 1, 2032, and will grant underwriters an option to purchase an additional $30 million in debt to handle potential over-allotments. While the specific interest rates and conversion terms remain pending, Nuvation confirmed the debt will function as general unsecured obligations with semiannual interest payments.

Management plans to direct the capital toward two primary objectives: covering the costs of capped call transactions and settling all outstanding obligations under its current senior secured loan agreement. These capped call arrangements are designed to mitigate potential stock dilution when the notes are eventually converted into class A shares.