By Jennifer Chiou
New York, June 7 - Biofrontera AG announced that it will proceed with its offering of up to €25 million of convertible bonds due Dec. 31, 2016.
The bonds will bear interest at 5% per year and each come with 10 detachable warrants, each granting the right to purchase one company share at €3.00 until Jan. 1, 2017. The company's shares closed at €2.90 on Tuesday.
If shareholders do not subscribe to all offered bonds, they will be offered to holders of Biofrontera's 8% convertibles due 2012 at an exchange rate of five for six or offered via a private placement.
Lang & Schwarz Broker GmbH will manage the offering.
The securities may be called at par of €100 if less than €5 million of the notes remains outstanding.
The issue received board approval on May 10.
Biofrontera is a biopharmaceutical company based in Leverkusen, Germany.
| Issuer: | Biofrontera AG
|
| Issue: | Convertible bonds
|
| Amount: | Up to €25 million
|
| Maturity: | Dec. 31, 2016
|
| Coupon: | 5%
|
| Price: | Par of €100
|
| Warrants: | 10 detachable warrants per convertible
|
| Warrant expiration: | Jan. 1, 2017
|
| Warrant strike price: | €3.00
|
| Manager: | Lang & Schwarz Broker GmbH
|
| Announcement date: | June 7
|
| Stock symbol: | ETR: B8F
|
| Reference price: | €2.90 at close June 7
|
| Market capitalization: | €31.37 million
|
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