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TheStreet Open House

OPKO Prices Offering Of $175 Million Of 3.00% Convertible Senior Notes Due 2033

OPKO Health, Inc. (NYSE: OPK) today announced the pricing of its offering of $175.0 million aggregate amount of 3.00% convertible senior notes due 2033 (the “Notes”) in a private offering. OPKO expects that the sale of the Notes will close on January 30, 2013, subject to customary closing conditions. OPKO intends to use the net proceeds from this offering for general corporate purposes, including research and development expenses, acceleration of clinical trials, acquisitions of new technologies or businesses, and other business opportunities.

The Notes will be OPKO's senior unsecured obligations and will rank equally with all of OPKO's other existing and future senior unsecured debt. They will bear interest at a fixed rate of 3.00% per year, payable semiannually in arrears on February 1 and August 1 of each year, beginning August 1, 2013. The Notes will mature on February 1, 2033, unless earlier repurchased, redeemed or converted.

The Notes will be convertible at any time on or after November 1, 2032, through the second scheduled trading day immediately preceding the maturity date, at the option of the holders. Additionally, holders may convert their notes prior to the close of business on the scheduled trading day immediately preceding November 1, 2032, upon the occurrence of specified events. The Notes will be convertible into cash, shares of OPKO common stock or a combination of cash and shares at an initial conversion rate of 141.4827 shares of common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $7.07 per share of common stock), and will be subject to adjustment upon the occurrence of certain events. In addition, OPKO will, in certain circumstances, increase the conversion rate for holders who convert their Notes in connection with a make-whole fundamental change (as defined in the indenture relating to the Notes) and holders who convert upon the occurrence of certain specific events prior to February 1, 2017 (other than in connection with a make-whole fundamental change).

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