By Evan Weinberger
New York, Oct. 19 - Pharming NV priced €70 million in 6.875% senior unsecured convertible bonds due Oct. 31, 2012 Friday with an initial conversion premium of 22.6%.
The convertibles came within talk for a coupon of 6.5% to 7% and an initial conversion premium of 20% to 30%. The size was expected to be between €50 million and €75 million.
UBS Ltd. is the bookrunner of the Regulation S transaction. The settlement date is Oct. 31.
The conversion price is €4.40. There is a put on Oct. 31, 2010 and the convertibles are callable beginning Nov. 14, 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 Capital Healthcare, formerly Paul Royalty Fund II, LP.
Issuer: Pharming NV
Issue: Senior unsecured convertible bonds
Amount: €70 million
Maturity: Oct. 31, 2012
Coupon: 6.875%
Price: Par
| Yield: | 6.875%
|
| Conversion premium: | 22.6%
|
| Conversion price: | €4.40
|
| Call: | Beginning Nov. 14, 2010
|
| Put: | Oct. 31, 2010
|
| Bookrunner: | UBS Ltd.
|
| Distribution: | Regulation S
|
| Settlement: | Oct. 31
|
| Talk: | €50 million-€75 million; 6.5%-7% coupon; 20%-30% conversion premium
|
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