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Prospect News home > News index > List of issuers T > Headlines for Tenders 2009 > News item |
Pharming in discussions for more redemptions, conversions of convertible loan notes
By Jennifer Chiou
New York, Dec. 30 - Pharming Group NV announced that it is continuing discussions with noteholders following the recent discounted redemption and conversion of €20 million of its €70 million of 6.875% convertible bonds due 2012.
Pharming said it continues to consider this situation an opportunity to strengthen its balance sheet on favorable terms.
On Dec. 8, the company said that €20.1 million of its €70 million of bonds would be canceled under an agreement reached with several bondholders.
As already reported, in exchange for the cancellation, the bondholders will receive €3.8 million in cash and 6.2 million shares valued at €2.64 each.
The company previously said that due to conditions in the global financial markets, several bondholders expressed their desire to redeem the bonds at an early stage albeit at a significant discount.
Pharming Group is a biotechnology company based in Leiden, the Netherlands.
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