BioMarin Announces Pricing of Upsized $550 Million Senior Subordinated Convertible Notes Offering

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[{"type":"text","content":"SAN RAFAEL, Calif., May 11, 2020 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced the pricing of $550.0 million aggregate principal amount of 1.25% senior subordinated convertible notes due 2027 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The aggregate principal amount of the offering was increased from the previously announced offering size of $500.0 million. BioMarin also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $50.0 million aggregate principal amount of notes. The sale of the notes is expected to close on May 14, 2020, subject to customary closing conditions.\n\n \n \n \n \n \n \n\n \nThe notes will be general senior subordinated, unsecured obligations of BioMarin and bear interest at a rate of 1.25% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2020. The notes will mature on May 15, 2027, unless earlier repurchased, redeemed or converted. \nThe initial conversion rate will be 7.2743 shares of BioMarin's common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $137.47 per share). The initial conversion price of the notes represents a premium of approximately 42.5% over the last reported sale price of BioMarin's common stock on The Nasdaq Global Select Market on May 11, 2020. The notes will be convertible at the option of the holders of the notes until the close of business on the second scheduled trading day preceding the maturity date. The notes will be convertible into shares of BioMarin's common stock. The notes will be redeemable in whole or in part, at BioMarin's option at any time, and from time to time, on or after May 20, 2024 at a cash redemption price equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, but only if the last reported sale price of BioMarin's common stock has been at least 130% of the conversion price on each of at least 20 trading days during any 30 consecutive trading day window, including the trading day immediately before the date of the redemption notice.\nUpon the occurrence of a \"fundamental change\" (as defined in the indenture governing the notes), holders of the notes may...

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