By Abigail W. Adams
Portland, Me., April 18 Pharming Group NV priced 100 million 4.5% convertible bonds due 2029 on Thursday at par with an initial conversion premium of 37.5%, according to a company news release.
HSBC Securities and Jefferies LLC were joint global coordinators and bookrunners for the Regulation S offering.
The bonds are non-callable until May 16, 2027 and then subject to a 130% hurdle. The bonds are also subject to a clean-up call if 85% or more of the principal amount has been converted, repurchased or canceled.
Proceeds will be used to repurchase the 125 million outstanding principal amount of the companys 3% convertible bonds due 2025.
Pharming Group is a Leiden, Netherlands-based biopharmaceutical company.
| Issuer: | Pharming Group NV
|
| Amount: | 100 million
|
| Issue: | Senior convertible bonds
|
| Maturity: | April 25, 2029
|
| Bookrunners: | HSBC Securities and Jefferies LLC
|
| Advisers to company: | Van Lanschot Kempen
|
| Coupon: | 4.5%
|
| Price: | Par
|
| Yield: | 4.5%
|
| Conversion premium: | 37.5%
|
| Conversion price: | 1.2271
|
| Call options: | Non-callable until May 16, 2027 and then subject to a 130% hurdle
|
| Pricing date: | April 18
|
| Settlement date: | April 25
|
| Distribution: | Regulation S
|
| Stock symbol: | NA: PHARM
|
| Stock reference price: | 0.8924
|
| Market capitalization: | 591.28 million
|
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