OPKO to exchange $55.42 million 4.5% convertibles for shares

By Wendy Van Sickle

Columbus, Ohio, May 7 – OPKO Health, Inc. entered into exchange agreements with some noteholders of its 4.5% convertible senior notes due 2025, according to a news release.

The noteholders agreed to exchange $55.42 million of the convertibles for shares of OPKO common stock.

The number of shares of common stock to be issued by the company to the noteholders will be determined based upon a volume-weighted-average-price per share of common stock, subject to a floor price of $3.50 per share, during a four-trading-day averaging period, starting May 7. The company will pay the noteholders accrued interest on the exchanged notes in cash.

As announced in February 2019, in connection with the company’s original issuance of its $200 million of notes, the company entered into a share lending agreement with Jefferies Capital Services, LLC under which it issued 29.25 million shares of common stock to lend. OPKO expects that, upon consummation of the exchange of the notes with its noteholders, there will be a pro rata reduction in the outstanding borrowed shares of its common stock.

OPKO Health is a Miami-based diversified health care company.

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