Pharming extends conversion offer for 6.875% convertibles to Oct. 13

By Angela McDaniels

Tacoma, Wash., Sept. 30 - Pharming Group NV said it extended the conversion offer for its 6.875% convertible bonds due 2012 to Oct. 13 from Sept. 29 at the request of some bondholders and for the purpose of completing the logistics of the applications for conversion.

Holders of 70% of the €35.8 million outstanding principal amount of convertibles have given their commitments to participate, according to a company news release.

The offer has a minimum participation threshold of 60% of the outstanding convertibles.

For each €50,000 principal amount of convertibles, the company is offering €7,500 in cash and 59,000 shares.

The company plans to fund the cash portion of the offer with existing cash balances and the proceeds of private placements with existing shareholders and from enhanced calls under the existing standby equity distribution agreement with Yorkville Advisors.

Pharming is a biotechnology company based in Leiden, the Netherlands.

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