Pharming repurchases €123.1 million 3% convertibles due 2025

By William Gullotti

Buffalo, N.Y., April 19 – Pharming Group NV repurchased €123.1 million of its €125 million 3% convertible bonds due 2025 (ISIN: XS2105716554) from its cash tender offer, according to a press release on Friday.

As previously reported, the repurchase price is par of €100,000, plus accrued interest.

The invitation, made to eligible bondholders under Regulation S, closed 11:30 a.m. ET on April 19.

Settlement is expected to take place on April 26.

As previously reported, the buyback will be funded with proceeds from a concurrent issue of €100 million 4.5% senior convertible bonds due 2029.

The company said €1.9 million of the convertibles will remain outstanding after settlement, which is less than 15% of the initial principal amount and makes the outstanding convertibles eligible for a clean-up call.

HSBC and Jefferies are joint dealer managers.

Van Lanschot Kempen is acting as adviser to the company.

The biopharmaceutical company is based in Leiden, the Netherlands.

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