Pharming starts tender offer for 3% convertibles due 2025

By Marisa Wong

Los Angeles, April 18 – Pharming Group NV is inviting holders of its €125 million 3% convertible bonds due 2025 (ISIN: XS2105716554) to tender their bonds for purchase for cash, according to a press release.

The repurchase price is par of €100,000, plus accrued interest.

The invitation will close at 11:30 a.m. ET on April 19.

Settlement is expected to take place on April 26.

The buyback will be funded with proceeds from a concurrent issue of €100 million 4.5% senior convertible bonds due 2029.

The invitation is open to eligible bondholders under Regulation S.

HSBC and Jefferies are joint dealer managers for the invitation.

Van Lanschot Kempen is acting as adviser to the company.

The biopharmaceutical company is based in Leiden, the Netherlands.

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