OPKO Health, Inc. OPK today announced that the Company's 3.0%
Convertible Senior Notes due 2033 (the "Notes") are convertible by holders of
such Notes. The Company has elected to satisfy its conversion obligation under
the Notes in shares of the Company's Common Stock.
This conversion right has been triggered because the closing price per share
of the Company's Common Stock has exceeded $9.19, or 130% of the initial
conversion price of $7.07, for at least 20 of 30 consecutive trading days
during the period ending on March 31, 2015. The Notes will continue to be
convertible until June 30, 2015, and may be convertible thereafter, if one or
more of the conversion conditions specified in the Indenture, dated as of
January 30, 2013, by and between the Company and Wells Fargo Bank N.A., is
satisfied during future measurement periods. Pursuant to the Indenture, a
holder who elects to convert the Notes will receive 141.4827 shares of the
Company's Common Stock plus such number of additional shares as is applicable
on the conversion date per $1,000 principal amount of Notes based on the early
conversion provisions in the Indenture.
Wells Fargo Bank, National Association is the trustee for the holders of the
Notes and the conversion agent under the Indenture. All questions relating to
the mechanics of the conversion for the Notes should be directed to Wells
Fargo Bank National Association, Attn: Barry Somrock at
CMESCONVERSIONS@wellsfargo.com.
This press release is only a summary of certain provisions of the Notes and
the Indenture. A complete explanation of the conversion rights of holders of
the Notes, as well as the procedures required to convert the Notes, is set
forth in the Indenture. All holders are urged to review the conversion
provisions contained in the Indenture in its entirety.
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