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BioMarin Announces Exercise By Underwriters Of Full Over-Allotment Option

Stocks in this article: BMRN

SAN RAFAEL, Calif., Oct. 10, 2013 (GLOBE NEWSWIRE) -- BioMarin Pharmaceutical Inc. (Nasdaq:BMRN) announced that the underwriters for its recently announced public offering of $680 million of its senior subordinated convertible notes consisting of $340 million 0.75% Senior Subordinated Convertible Notes due 2018 (the "2018 Notes") and $340 million 1.50% Senior Subordinated Convertible Notes due 2020 (the "2020 Notes" and together with the 2018 Notes, the "Notes") exercised in full their over-allotment option to purchase an additional $35 million principal amount of the 2018 Notes (the "Additional 2018 Notes") and an additional $35 million principal amount of the 2020 Notes (the "Additional 2020 Notes," and together with the Additional 2018 Notes, the "Additional Notes"). BioMarin intends to use the additional net proceeds of $67.9 million from the exercise of the over-allotment option for general corporate purposes, including working capital and research and development. In addition, BioMarin intends to use $2.78 million of the net proceeds from the exercise of the over-allotment option for the payment of the cost of the additional capped call transactions described below. The sale of the Notes and the Additional Notes is expected to close on October 15, 2013, subject to the satisfaction of customary closing conditions.

In connection with the exercise of the over-allotment option by the underwriters for the purchase of the Additional Notes, BioMarin entered into privately-negotiated capped call transactions with respect to 50% of the principal amount of the Additional Notes with one or more of the underwriters or their affiliates (the "hedge counterparties"). The capped call transactions are generally expected to reduce potential dilution to BioMarin's common stock upon conversion of the relevant Notes in excess of the principal amount of such converted Notes. The cap price of the capped call transactions entered into with respect to 50% of the Additional Notes will initially be, in each case, approximately $121.05, which represents a premium of approximately 80% over the NASDAQ closing price of a share of BioMarin's common stock on October 8, 2013 and is subject to certain adjustments under the terms of such capped call transactions.

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