Convertibles Calendar: Pipeline starts to build

On The Horizon

BIOMARIN PHARMACEUTICAL INC.:

• $450 million of senior subordinated convertible notes due 2024

• $50 million 13-day over-allotment option

• Price talk 0.5999% yield, up 40%

• Pricing expected at 98.5% to 99% of par

• BofA Merrill Lynch, J.P. Morgan Securities LLC and Goldman Sachs & Co. (bookrunners)

• Proceeds will be used to repay, repurchase or settle in cash some or all of the company’s 0.75% senior subordinated convertible notes due October 2018, although no such deal is being done concurrently with the offering. Any remaining proceeds will be used for general corporate purposes, including clinical trials of product candidates and the expansion of manufacturing capacity, particularly with respect to the manufacturing capability for BioMarin’s gene therapy program.

• San Rafael, Calif.-based biopharmaceutical company

BLACKSTONE MORTGAGE TRUST INC.:

• $100 million add-on to 4.375% convertible senior notes due 2022

• $15 million over-allotment option

• Barclays (bookrunner)

• Contingently convertible prior to Feb. 1, 2022

• Proceeds will be used to originate and purchase additional commercial mortgage loans and other target assets and investments consistent with its investment strategies and investment guidelines, and for working capital and other general corporate purposes, including repayment of debt.

• New York-based real estate investment trust

FARMLAND PARTNERS INC:

• Series B participating preferred stock

• $25 liquidation preference, subject to increase by farmland value appreciation (FVA) until Sept. 30, 2024

• Raymond James & Associates Inc. and Jefferies LLC (bookrunners)

• Redeemable on or after Sept. 30, 2021

• Proceeds will be contributed to the company’s operating partnership in exchange for series P participating preferred units. The partnership will use the funds for future acquisitions of farmland and for general corporate purposes.

• Denver-based real estate investment trust

RADIUS HEALTH INC.:

• $300 million of convertible senior notes due Sept. 1, 2024

• $45 million over-allotment option

• Price talk 2.75% to 3.25%, up 32.5% to 37.5%

• J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (bookrunners)

• Provisionally callable after Sept. 1, 2021

• Contingently convertible after Sept. 1, 2021

• Proceeds will be used to support the U.S. commercial launch of TYMLOS (abaloparatide) injection and the development of life cycle management activities, such as the investigational abaloparatide transdermal patch, and to advance the development of pipeline product candidates, including a phase 2 clinical trial of elacestrant (RAD1901) in breast cancer and a phase 1 study of RAD140 in breast cancer, and for general corporate purposes.

• Waltham, Mass.-based biopharmaceutical company

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