BioMarin Pharmaceutical to price $600 million of convertible senior notes in two tranches

By Rebecca Melvin

New York, Oct. 7 - BioMarin Pharmaceutical Inc. plans to price $600 million of convertible senior subordinated notes in two tranches, including $300 million of notes due 2018 and $300 million of notes due 2020, according to a market source.

The five-year tranche was seen pricing with a 0.75% to 1.25% coupon and a 32.5% to 37.5% initial conversion premium.

The seven-year tranche was seen pricing with a 1.5% to 2% coupon and a 32.5% to 37.5% initial conversion premium.

Both $300 million tranches have a $35 million greenshoe.

The registered tranches were seen pricing after the market close Tuesday via joint bookrunners BofA Merrill Lynch, Goldman Sachs & Co., J.P Morgan Securities LLC and Morgan Stanley & Co. LLC. Barclays is a co-manager.

The notes are non-callable for life with no puts. They have contingent conversion if shares exceed 130% of the conversion price, and they have net share settlement, as well as takeover and dividend protection.

BioMarin is a Novato, Calif.-based biopharmaceutical company focused on therapeutic enzyme products.

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