Pharming Group redeems part of its €8.4 million convertible bond

By Tali David

Minneapolis, Jan. 6 - Pharming Group NV redeemed part of its €8.4 million convertible bond, according to a company press release.

A total of 38.9 million shares were issued to the bondholders under the terms and conditions of the bond, serving as a pre-installment for the Feb. 6 redemption and interest payment. The balance will be held for subsequent redemptions, if elected to be paid in shares.

The company said it expects that the shares will be admitted to listing and trading on Euronext Amsterdam on Jan. 9.

The company will redeem the bond on a month by month basis so that it will be redeemed in full on July 15, 2012. It can make each redemption in shares or cash.

Pharming Group is a biotechnology company based in Leiden, the Netherlands.

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