BioMarin holders to exchange $75.8 million more 1.875% convertibles

By Susanna Moon

Chicago, March 25 - BioMarin Pharmaceutical Inc. said six more holders agreed to exchange about $75.8 million principal amount of its 1.875% convertible senior subordinated notes due 2017 for about 3.7 million shares.

As of March 22, about $110 million of the notes remain outstanding, according to a company press release.

The company said it has exchanged about $215 million of the notes for about 10.6 million shares of common stock so far, including $139.2 million of the notes for about 6.8 million shares and $7.8 million of cash on March 18.

Under the original note terms the conversion price is about $20.36 per share.

The total cash payment for conversion of the $75.8 million principal amount of the notes was $4.2 million, with $6.4 million in total interest savings from accrued and future interest payments, the release noted.

The total combined cash payments made for the 13 note conversions was $12 million, with $18.1 million of total interest savings from accrued and future interest payments.

BioMarin is a biopharmaceutical company based in Novato, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.