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.

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