BioMarin may repurchase 1.5% convertibles via new convertibles

By Sarah Lizee

Olympia, Wash., May 12 – BioMarin Pharmaceutical Inc. plans to repurchase or settle in cash some or all of its 1.5% convertible notes due 2020 using proceeds from $550 million of new 1.25% senior subordinated convertible notes due 2027, according to a press release.

The remainder of proceeds will be used for general corporate purposes. Also, $50 million of the proceeds will be used to repurchase shares of common stock.

BioMarin is a San Rafael, Calif.-based biotechnology company.

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