BioMarin Pharmaceutical holders convert all $51.4 million of 3.5% notes ahead of redemption

By Jennifer Chiou

New York, Jan. 29 - BioMarin Pharmaceutical Inc. announced that holders of all of its $51.4 million of 3.5% convertible senior notes due June 15, 2008 elected to convert their securities ahead of redemption.

Noteholders converted their notes into common shares at $14.01 per share.

As a result of this transaction and a partial exchange in September, BioMarin said it has issued 8.9 million shares.

"The completion of this transaction further strengthens our balance sheet with the elimination of the final portion of the $125 million in convertible debt due 2008, along with interest expense savings," chief executive officer Jean-Jacques Bienaime said in a news release.

Any notes not converted would have been redeemed on Jan. 26 at $1,014 per $1,000 principal amount of notes plus accrued interest.

BioMarin is a biopharmaceutical company based in Novato, Calif.

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