BioMarin holders convert $31.5 million 1.875% notes for stock, cash

By Marisa Wong

Madison, Wis., Aug. 26 - BioMarin Pharmaceutical Inc. said it entered into agreements with three holders of its 1.875% senior subordinated convertible notes due 2017, under which the holders converted about $31.5 million face amount of the notes into roughly 1.5 million shares of the company's common stock.

The conversions were made between Aug. 16 and Aug. 22, according to an 8-K filing with the Securities and Exchange Commission.

In addition to issuing common shares for the converted notes, the company also made varying cash payments to each of the holders. The cash payments totaled $1.9 million, which is about $400,000 less than the total future interest payments that would have been paid on the converted notes through maturity.

BioMarin is a biopharmaceutical company based in Novato, Calif.

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