Pharming in discussions for more redemptions, conversions of convertible loan notes

By Jennifer Chiou

New York, Dec. 30 - Pharming Group NV announced that it is continuing discussions with noteholders following the recent discounted redemption and conversion of €20 million of its €70 million of 6.875% convertible bonds due 2012.

Pharming said it continues to consider this situation an opportunity to strengthen its balance sheet on favorable terms.

On Dec. 8, the company said that €20.1 million of its €70 million of bonds would be canceled under an agreement reached with several bondholders.

As already reported, in exchange for the cancellation, the bondholders will receive €3.8 million in cash and 6.2 million shares valued at €2.64 each.

The company previously said that due to conditions in the global financial markets, several bondholders expressed their desire to redeem the bonds at an early stage albeit at a significant discount.

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

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