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Santhera gets participation needed to exchange 5% convertibles
By Rebecca Melvin
Concord, N.H., April 20 – Santhera Pharmaceuticals Holding AG announced interim results of a March 25 exchange offer for its CHF 60 million of 5% convertible bonds due 2022 (ISIN: CH0353955195), according to a company release.
So far, about CHF 39.6 million principal amount, or 66.03% of the issue has been accepted for exchange, satisfying the 50% minimum acceptance amount required to complete the exchange, the company said.
The figure includes the participation of Highbridge Tactical Credit Master Fund, LP, which holds 32% of the bonds and is the largest holder.
Holders that have not yet accepted the exchange or voted on the resolution are able to do so during the additional acceptance period, which begins on April 21 and ends at 11 a.m. ET on April 27.
The resolution to restructure the bonds is independent of the exchange offer.
Should the company receive the necessary two-thirds majority consents, the original March 8 bond restructuring proposal would be pursued subject to court approval, and the exchange offer would be terminated.
As previously reported, the company seeks to exchange all of the bonds in circulation. In the exchange, the company is offering for each bond with a nominal value of CHF 5,000 26 shares of Santhera and one new 7.5% convertible bond due Aug. 17, 2024 with a nominal value of CHF 3,375 and a significantly reduced conversion price, to be issued by the company and listed on the SIX Swiss Exchange.
The company believes restructuring is needed to enable it to raise additional financing and remain a going concern.
The maturity date would be pushed to Aug. 17, 2024 from Feb. 17, 2022.
The settlement is expected to occur on May 4.
Stifel Nicolaus Europe Ltd. is the financial adviser to the company.
Santhera is a Liestal, Switzerland-based pharmaceutical company.
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