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Pharmaron tallies repurchases of two series of convertibles due 2026
By Mary-Katherine Stinson
Lexington, Ky., Jan. 12 – Pharmaron Beijing Co. Ltd. announced repurchases of its $300 million 0% series 1 convertible bonds due 2026 and RMB 1.916 billion 0% dollar-settled series 2 convertible bonds due 2026, according to multiple notices.
Between Jan. 8 and Jan. 12, the company repurchased $68.1 million principal amount of the series 1 bonds, representing 22.7% of the original issue. The bonds had the rights to convert into 4,789,469 company shares.
Durning the same period, Pharmaron bought back RMB 705 million of the series 2 bonds, representing 36.8% of the original issue. The bonds had the rights to convert into 8,478,572 company shares.
The repurchased bonds will be canceled as soon as possible, leaving $231.9 million of the series 1 bonds and RMB 1.211 billion of the series 2 bonds outstanding.
Citicorp International Ltd. is the trustee.
Pharmaron is a Beijing-based research and development service provider for the life sciences industry.
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