Conversion Right Extended on OPKO 3.0% Convertible Senior Notes
October 01 2015 - 4:00PM
Business Wire
OPKO Health, Inc. (NYSE: OPK) today announced that the Company's
3.0% Convertible Senior Notes due 2033 (the "Notes") continue to be
convertible by holders of such Notes through December 31, 2015. 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 extended because the closing
price per share of the Company's Common Stock has exceeded $9.19,
or 130% of the applicable conversion price of $7.07, for at least
20 of 30 consecutive trading days during the quarter ended
September 30, 2015. The Company had previously announced that this
conversion right had been triggered during the quarters ended March
31, 2015 and June 30, 2015. The Notes will continue to be
convertible until December 31, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151001006600/en/
OPKO Health, Inc.Steve D. Rubin or Adam Logal, 305-575-4100
Opko Health (NASDAQ:OPK)
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