Amarin unit forces conversion on $30 million of 3.5% notes due 2047

By Susanna Moon

Chicago, Oct. 22 – Amarin Corp. plc said wholly owned subsidiary Corsicanto II DAC exercised its option to mandatorily exchange its $30 million principal amount of 3.5% exchangeable senior notes due 2047.

As a result, Amarin will issue 257.2016 American Depositary Shares per $1,000 principal amount of notes, or an aggregate amount of 7,716,048 ADSs, according to a company announcement.

The mandatory exchange will be effective on Nov. 2.

As a condition to the exchange, the daily volume-weighted average pricing per ADS was equal to or exceeded $5.05 for at least 20 out of 30 trading days from Sept. 10 through Oct. 19, the company noted.

The paying agent is Wilmington Trust, NA (fax 612 617-5651).

The notes were issued in January 2017.

Amarin is a Dublin-based biopharmaceutical company focused on the commercialization and development of therapeutics to improve cardiovascular health.

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