BioMarin Pharma to Launch Convertible Notes Offerings
BioMarin Pharmaceutical has concocted a formula to raise capital from the markets. The company announced it will float a pair of $300 million senior subordinated convertible notes offerings. The first will mature in 2018, and the second in 2020. Additionally, BioMarin said it expects to grant the offering's underwriters an option to purchase up to an additional $70 million worth of the notes.
The company will use its share of the issue's proceeds for "general corporate purposes," including working capital, and research and development activities.
The joint book-running managers of the offering are Bank of America unit Merrill Lynch, Goldman Sachs, JPMorgan Chase's J.P. Morgan, and Morgan Stanley.
BioMarin has just over 140 million shares outstanding, and its stock most recently closed at $67.25 per share.
The article BioMarin Pharma to Launch Convertible Notes Offerings originally appeared on Fool.com.
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