Business
Omeros Announces Pricing of Public Offerings
--6,900,000 Shares of Common Stock-- --$210,000,000 of 5.25% Convertible Senior Notes due 2026-- SEATTLE--(BUSINESS WIRE)-- Omeros Corporation (Nasdaq: OMER)
About this update from Omeros Corporation
[{"type":"text","content":"\n--6,900,000 Shares of Common Stock--\n--$210,000,000 of 5.25% Convertible Senior Notes due 2026--\n\n SEATTLE--(BUSINESS WIRE)--\nOmeros Corporation (Nasdaq: OMER) (“Omeros”) today announced that it has priced concurrent underwritten public offerings of 6,900,000 of shares of its common stock (the “Shares”) at a public offering price of $14.50 per Share for proceeds of approximately $100,050,000, prior to the deduction of underwriting discounts and commissions and estimated offering expenses payable by Omeros (the “Equity Offering”), and $210,000,000 aggregate principal amount of 5.25% convertible senior notes due 2026 (the “2026 Convertible Notes” and such offering, the “Notes Offering”). In addition, Omeros has granted to the underwriters of the Equity Offering a 30-day option to purchase up to an additional 1,035,000 Shares and to the underwriters of the Notes Offering a 30-day option, solely to cover over-allotments, to purchase up to an additional $31,500,000 aggregate principal amount of 2026 Convertible Notes. The Equity Offering and the Notes Offering are each expected to close on August 14, 2020, subject to customary closing conditions. Neither offering is contingent on the completion of the other offering.\n\n\nBofA Securities and JP Morgan are acting as the book-running managers for the Equity Offering. Cantor Fitzgerald is also acting as a book-running manager, and WBB Securities is acting as co-manager, for the Equity Offering. BofA Securities, JP Morgan and RBC Capital Markets are acting as the book-running managers for the Notes Offering.\n\n\nThe 2026 Convertible Notes will be senior unsecured obligations of Omeros and will bear interest at a rate of 5.25% per year, payable semi-annually in arrears. The 2026 Convertible Notes will mature on February 15, 2026, unless earlier converted, repurchased or redeemed in accordance with their terms, and will be convertible, subject to the satisfaction of certain conditions, into cash, shares of Omeros’ common stock or a combination thereof as elected by Omeros in its sole discretion.\n\n\nThe initial conversion rate for the 2026 Convertible Notes is 54.0906 shares of Omeros’ common stock per $1,000 principal amount of 2026 Convertible Notes (which is equivalent to an initial conversion price of approximately $18.49 per share, which represents a premium of approximately 2...