9.75% notes convert to stock based on volume-weighted average price
By Devika Patel
Knoxville, Tenn., Aug. 16 - MannKind Corp. said the conditions for the second $40 million tranche of a $160 million private placement of convertible senior secured notes with Deerfield Management Company LP have been satisfied. The sale is being conducted in four tranches of $40 million each and priced on July 1.
The 9.75% notes are due in 2019, and a portion of the principal will convert to common shares based on the volume-weighted average price of the stock during the 20 trading days immediately preceding the conversion date.
Settlement of the second tranche is expected on Sept. 6.
Valencia, Calif.-based MannKind is a biopharmaceutical company specializing in the discovery, development and commercialization of therapeutic products for diseases.
| Issuer: | MannKind Corp.
|
| Issue: | Convertible senior secured notes
|
| Amount: | $160 million
|
| Maturity: | 2019
|
| Coupon: | 9.75%
|
| Warrants: | No
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| Investor: | Deerfield Management Company LP
|
| Pricing date: | July 1
|
| Settlement date: | Sept. 6 (for $40 million)
|
| Stock symbol: | OTCBB: MNKD
|
| Stock price: | $6.51 at close June 28
|
| Market capitalization: | $1.74 billion
|
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