By Ronda Fears
Nashville, June 18 - BioMarin Pharmaceutical Inc. sold $125 million of five-year convertibles at par to yield 3.5% with a 30% initial conversion premium.
UBS Investment Bank was lead manager of the Rule 144A deal.
The issue sold at the cheap end of guidance which put the yield at 3.0% to 3.5% with a 30% to 35% initial conversion premium.
The Novato, Calif.-based biotech firm said proceeds would be used for development and commercialization of its recently approved lead product, Aldurazyme, clinical development of other product candidates, general corporate purposes and/or to finance strategic acquisitions as they arise.
Terms of the deal are:
Issuer: BioMarin Pharmaceutical Inc.
| Issue: | Convertible notes
|
| Lead manager: | | UBS Investment bank
|
| Amount | $125 million
|
| Greenshoe: | $25 million
|
| Maturity: | June 15, 2008
|
| Coupon: | 3.5%
|
| Price: | Par
|
| Yield: | 3.5%
|
| Conversion premium: | 30%
|
| Conversion price: | $14.01
|
| Conversion ratio: | 71.3776
|
| Call: | Non-callable for 3 years
|
| Price talk: | 3.0-3.5%, up 30-35%
|
| Pricing: | June 17 after close
|
| Settlement: | June 23
|
| Distribution: | Rule 144A
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