Pharming launches €50 to €75 million convertible bonds due 2012, talked at 6.5%-7%, up 20%-30%

By Evan Weinberger

New York, Oct. 18 - Pharming NV launched an offering of €50 million to €75 million in senior unsecured convertible bonds due Oct. 31, 2012 on Thursday. The convertibles are talked at a coupon of 6.5% to 7% and an initial conversion premium of 20% to 30%.

UBS Ltd. is the bookrunner of the Regulation S transaction. The settlement date is Oct. 31.

There is a put on Oct. 31, 2010 and the convertibles are callable beginning Nov. 1, 2010.

There are change of control, dividend, default and anti-dilution protections and a negative pledge.

Pharming is a Leiden, Netherlands-based pharmaceutical manufacturer. Proceeds will be used to terminate Pharming's existing licensing agreement with Paul Royalty Fund II, LP.

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