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home / articles / opko health announces pricing of private offering of mwn benzinga


OPK - OPKO Health Announces Pricing of Private Offering of $200 Million Convertible Senior Notes Due 2029 | Benzinga

  • MIAMI, Jan. 04, 2024 (GLOBE NEWSWIRE) -- OPKO Health, Inc. (NASDAQ:OPK) (the "Company") today announced the pricing of its private offering of $200.0 million aggregate principal amount of its Convertible Senior Notes due 2029 (the "Notes"). The Company granted the initial purchaser in the offering an option to purchase, within the 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $30.0 million aggregate principal amount of the Notes. The sale of the Notes is expected to close on January 9, 2024, subject to customary closing conditions.

    The Notes will be senior unsecured obligations of the Company, will bear interest at a rate of 3.75% per annum, payable semiannually in arrears on January 15 and July 15 of each year, beginning on July 15, 2024, and will mature on January 15, 2029, unless earlier purchased or converted in accordance with their terms. Prior to September 15, 2028, holders of the Notes will have the right to convert their Notes only in certain circumstances and during specified periods and thereafter, will be convertible at the option of the holder at any time prior to the close of business on the business day immediately preceding the maturity date. Conversions of the Notes will be settled in cash, shares of the Company's common stock ("common stock") or a combination of thereof, at the Company's election. However, before the Company has available and has reserved the maximum number of shares of the common stock issuable under the Notes, the Company will be required to elect to deliver solely cash or, subject to certain limitations, a combination of cash and shares of the common stock upon conversion. The Notes have an initial conversion rate of 869.5652 shares of common stock per $1,000 principal amount of the Notes (equivalent to an initial conversion price of approximately $1.15 per share of common stock), representing an initial conversion premium of approximately 26.83% above the closing price of $0.9067 per share of the Company's common stock on January 4, 2024. The conversion rate is subject to adjustment in certain circumstances.

    Certain entities affiliated with Phillip Frost, M.D., the Company's Chairman and Chief Executive Officer, and Jane H. Hsiao, Ph.D., MBA, the Company's Vice-Chairman and Chief Technical Officer, as well as additional existing holders, have agreed to sign definitive agreements to acquire, in a concurrent private placement, approximately $71.1 million aggregate principal amount of the Company's Convertible Senior Notes due 2029 (the "Affiliate Notes") in exchange for approximately $71.1 million aggregate principal amount of the Company's existing 5% convertible promissory notes, inclusive of approximately $5.0 million of accrued but unpaid interest thereon, held by such persons. The Affiliate Notes will constitute part of the same series as the Notes. However, the Affiliate Notes ...

    Full story available on Benzinga.com

  • Stock Information

    Company Name: Opko Health Inc.
    Stock Symbol: OPK
    Market: NASDAQ
    Website: opko.com

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