Conversion Right Triggered on OPKO 3.0% Convertible Senior Notes
April 01 2015 - 1:26PM
Business Wire
OPKO Health, Inc. (NYSE: OPK) today announced that the Company's
3.0% Convertible Senior Notes due 2033 (the “Notes”) are
convertible by holders of such Notes. The Company has elected to
satisfy its conversion obligation under the Notes in shares of the
Company’s Common Stock.
This conversion right has been triggered because the closing
price per share of the Company’s Common Stock has exceeded $9.19,
or 130% of the initial conversion price of $7.07, for at least 20
of 30 consecutive trading days during the period ending on March
31, 2015. The Notes will continue to be convertible until June 30,
2015, and may be convertible thereafter, if one or more of the
conversion conditions specified in the Indenture, dated as of
January 30, 2013, by and between the Company and Wells Fargo Bank
N.A., is satisfied during future measurement periods. Pursuant to
the Indenture, a holder who elects to convert the Notes will
receive 141.4827 shares of the Company’s Common Stock plus such
number of additional shares as is applicable on the conversion date
per $1,000 principal amount of Notes based on the early conversion
provisions in the Indenture.
Wells Fargo Bank, National Association is the trustee for the
holders of the Notes and the conversion agent under the Indenture.
All questions relating to the mechanics of the conversion for the
Notes should be directed to Wells Fargo Bank National Association,
Attn: Barry Somrock at CMESCONVERSIONS@wellsfargo.com.
This press release is only a summary of certain provisions of
the Notes and the Indenture. A complete explanation of the
conversion rights of holders of the Notes, as well as the
procedures required to convert the Notes, is set forth in the
Indenture. All holders are urged to review the conversion
provisions contained in the Indenture in its entirety.
ABOUT OPKO HEALTH, INC.
OPKO is a multinational biopharmaceutical and diagnostics
company that seeks to establish industry leading positions in
large, rapidly growing markets by leveraging its discovery,
development and commercialization expertise and novel and
proprietary technologies. For more information, visit
http://www.opko.com.
SAFE HARBOR STATEMENT
This press release includes forward looking statements, within
the meaning of the Private Securities Litigation Reform Act of
1995, which are subject to risk and uncertainties that could cause
actual results to differ materially from those anticipated. Such
statements may relate to OPKO's plans, objectives and expected
financial and operating results, including statements regarding the
Notes and whether conversion conditions will be met in the future.
The words "may," "could," "would," "will," "believe," "anticipate,"
"estimate," "expect," "intend," "plan," and similar expressions or
variations thereof are intended to identify forward-looking
statements. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, many of which are beyond OPKO's ability to
control. The risks and uncertainties that may affect forward
looking statements include, but are not limited to: currency
fluctuations, volatility in the trading price for our common stock
and the Notes, global economic and political conditions, marketing
demand for OPKO's products and services, long sales cycles, new
product development, assimilating future acquisitions, maintaining
relationships with customers and partners, and increased
competition. For more details about the risks and uncertainties
related to OPKO's business, refer to OPKO's filings with the
Securities and Exchange Commission. OPKO undertakes no obligation
to publicly update or revise any forward looking statements,
whether as a result of new information, future events or
otherwise.
OPKO Health, Inc.Steve D. Rubin or Adam Logal, 305-575-4100
Opko Health (NASDAQ:OPK)
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