By Abigail W. Adams
Portland, Me., Jan. 15 – Pharming Group NV priced €125 million of five-year convertible bonds on Tuesday at par with a coupon of 3% and an initial conversion premium of 40%, according to a company news release.
Pricing came at the cheap end of talk for a coupon of 2.25% to 3% and at the rich end of talk for an initial conversion premium of 35% to 40%, according to a market source.
J.P. Morgan Securities plc was the global coordinator and bookrunner for the Regulation S offering.
The notes are callable on and after Feb. 13, 2023 subject to a 130% hurdle. They are putable upon a fundamental change.
There is dividend protection.
Proceeds will be used to redeem the company’s approximately $56 million loan from OrbiMed Advisors, for capital expenditures, and to fund the launch of Pharming Group’s recently acquired Leniolisib product.
Pharming Group is a Leiden, Netherlands-based specialty pharmaceutical company.
| Issuer: | Pharming Group NV
|
| Securities: | Convertible bonds
|
| Amount: | €125 million
|
| Maturity: | Jan. 21, 2025
|
| Bookrunner: | J.P. Morgan Securities plc
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Conversion premium: | 40%
|
| Conversion price: | €2.0028
|
| Call options: | On or after Feb. 13, 2023 subject to a 130% hurdle
|
| Put options: | Upon a fundamental change
|
| Pricing date: | Jan. 14
|
| Settlement date: | Jan. 21
|
| Distribution: | Regulation S
|
| Talk: | Coupon of 2.25% to 3% and initial conversion premium of 35% to 40%
|
| Stock symbol: | EN: PHARM
|
| Stock reference price: | €1.4306
|
| Market capitalization: | €940.98 million
|
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