Amarin unit to price $150 million 20-year exchangeables talked to yield 3%-3.5%, up 25%-30%

By Rebecca Melvin

New York, Jan. 3 - Amarin Corp. plc subsidiary Corsicanto Ltd. planned to price $150 million of 20-year exchangeable senior notes early Wednesday that were talked to yield 3% to 3.5% with an initial conversion premium of 25% to 30%, according to a market source.

The Rule 144A offering has a $22.5 million greenshoe and was being priced via bookrunners Citigroup Capital Markets Inc. and J.P. Morgan Securities LLC.

The paper is non-callable for five years, with puts in years five, 10 and 15.

The company plans to use the proceeds to fund the commercial launch of AMR101, the New Drug Application of which is subject to approval by the Food and Drug Administration.

Amarin also intends to use proceeds to continue to fund patient enrollment in the cardiovascular outcomes study of AMR101, to fund the submission of a supplemental NDA filing for the indication studied in the Anchor trial and for general corporate and working capital purposes.

AMR101 is prescription-grade omega-3 fatty acid that Amarin is developing for the treatment of patients with very high triglyceride levels.

The notes will be convertible into the company's American Depositary Shares or cash, or a combination of both.

Dublin-based Amarin develops drugs to treat central nervous system disorders.

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