Glenmark Pharmaceuticals obtains consents for tender for 2% convertibles due 2022

By Rebecca Melvin

Concord, N.H., April 12 – Glenmark Pharmaceuticals Ltd. has obtained consents regarding its tender offer for $200 million 2% resettable onward starting equity-linked securities due 2022 (ISIN: XS1426780125), according to an announcement on Monday.

The March 19 offer contained a solicitation memorandum, which expired at 4 a.m. ET on April 8. At an April 12 meeting, the extraordinary resolution passed with 99.78% of the voles.

Bondholders or proxies holding or representing less than 75% of the principal amount of the notes, or $112 million or the notes, were present at the meeting.

The settlement date is April 15, and the company will announce payment of the purchase price and accrued interest for the bonds accepted for purchase on or around that date.

The tender and tabulation agent is Morrow Sodali (+44 20 8089 3287, +852 2319 4130 or glenmarkpharma@investor.morrowsodali.com).

The pharmaceutical company is based in Mumbai, India.

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