By Susanna Moon
Chicago, May 15 - Amarin Corp. plc and wholly owned subsidiary Corsicanto Ltd. agreed to exchange $118,734,000 of 3.5% exchangeable senior notes due 2032 for a like amount of new notes.
The companies entered into separate privately negotiated exchange agreements with holders of the notes issued Jan. 9, 2012, according to a press release.
In exchange the company will issue $118,734,000 principal amount of new 3.5% exchangeable senior notes due Jan. 15, 2032.
The 2014 notes will be exchangeable into American Depositary Shares of Amarin at an initial exchange rate of 384.6154 shares per $1,000 principal amount of 2014 notes, which is an initial exchange price of about $2.60 per share.
The initial conversion price is a 71.05% premium to the company's closing price on May 14.
The new notes will be putable at par on Jan. 19, 2019, Jan. 19, 2024 and Jan. 19, 2029. The notes will be callable at par beginning Jan. 19, 2018. The notes will be exchangeable if the trading price of Amarin shares is at or above $2.86, or 110% of the exchange price, for the required measurement period.
If the issuer exercises the exchange option on or before Jan. 15, 2018, the exchange rate may be increased under the make-whole table.
After settlement on May 20, $31,266,000 principal amount of the 2012 notes will remain outstanding with terms unchanged.
Dublin-based Amarin develops drugs to treat central nervous system disorders.
New notes
| Issuer: | Amarin Corp. plc
|
| Issue: | Exchangeable senior notes
|
| Amount: | $118,734,000
|
| Maturity: | Jan. 15, 2032
|
| Coupon: | 3.5%
|
| Conversion price: | $2.60
|
| Conversion premium: | 71.05%
|
| Call option: | At par beginning Jan. 19, 2018
|
| Put option: | At par on Jan. 19, 2019, Jan. 19, 2024 and Jan. 19, 2029
|
| Settlement date: | May 20
|
| Stock symbol: | Nasdaq: AMRN
|
| Stock price: | $1.52 at close May 14
|
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