NEW YORK (TheStreet) -- Amarin
(AMRN) shares are falling, down 8.5% to $1.39 on Thursday, following the announcement that the company, along its wholly owned subsidiary, Corsicanto Limited, have entered into an senior note exchange agreement with certain note holders.
According to the agreement, Amarin will exchange $118.7 million in aggregate 3.5% yield 2012 notes, due 2032, with $118.7 million in aggregate 2014 notes also yielding 3.5% also due 2032. Following this transaction, $31.266 million of the 2012 notes will remain outstanding.
Holders of the 2014 notes will be allowed to convert them into Amarin shares at a price of approximately $2.60 per share if Amarin shares reach a price of $2.86 by the predetermined date of January 19, 2018.
Must Read: Warren Buffett's 10 Favorite Growth Stocks
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts