Pharming: Holders exercise put option for rest of 6.875% convertibles

By Marisa Wong

Madison, Wis., Oct. 12 - Pharming Group NV said that holders of its original €70 million 6.875% senior unsecured convertible bonds due Oct. 31, 2012 have put the remaining outstanding bonds.

The company said it will repay the remaining €10.9 million of the bonds on Oct. 31.

The company said it has sufficient cash available to repay the principal amount plus the €400,000 final semiannual interest payment and to continue operations into 2011.

"We are very pleased that, as anticipated, we are now able to close the book on, and pay off this debt. We can now focus on building and on executing our plans to financial sustainability," said chief executive officer Sijmen de Vries in a news release.

Pharming is a Leiden, Netherlands-based manufacturer of products for the treatment of genetic disorders, specialty products for surgical indications and nutritional products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.