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Biomarin Closes Added Partial Exchange of Convertible Notes Due 2017

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BioMarin Pharmaceutical Inc. (Nasdaq: 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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