BioMarin Pharmaceutical
Inc. BMRN announced today that an additional six holders of its
1.875% Convertible Senior Subordinated Notes due 2017 have agreed to exchange
$75.8 million in aggregate principle amount of the notes for approximately 3.7
million shares of the Company's common stock. This, combined with the seven
holders that exchanged $139.2 million in aggregate principal amount of the
notes for approximately 6.8 million shares of the Company's common stock,
yields a total of $215.0 million in aggregate principal amount of the notes
exchanged for approximately 10.6 million shares of common stock. The notes
represented approximately 66% of the previously outstanding principal amount.
Approximately $110 million of the notes remain outstanding as of March 22,
2013.
The notes converted into shares of common stock in accordance with the
original terms of the notes at a conversion price of approximately $20.36 per
share. The total cash payment for conversion of the $75.8 million in aggregate
principal amount of the notes was $4.2 million, with $6.4 million in total
interest savings from accrued and future interest payments that will no longer
be required, resulting in $2.2 million in net savings to BioMarin. The total
combined cash payments made for these thirteen note conversions was $12.0
million, with $18.1 million of total interest savings from accrued and future
interest payments that will no longer be required, resulting in $6.1 million
total net savings to BioMarin. The exchanges are exempt from registration
under Section 3(a)(9) of the Securities Act of 1933.
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