BioMarin Pharmaceutical calls $51.4 million of 3.5% convertibles

By Laura Lutz

Washington, Dec. 22 - BioMarin Pharmaceutical Inc. announced that it will redeem on Jan. 26 all of its $51.4 million outstanding principal amount of 3.5% convertible senior notes due June 15, 2008.

Noteholders may convert their notes into common shares until Jan. 25 at $14.01 per share.

Any notes not converted before that time will be redeemed at $1,014 per $1,000 principal amount of notes plus accrued interest.

If none of the notes were converted, the total redemption payment would be about $52.1 million.

BioMarin is a biopharmaceutical company based in Novato, Calif. On Thurday, its stock closed up $0.04, or 0.2%, at $16.73 (Nasdaq: BMRN).

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