Why Amarin (AMRN) Stock Is Plummeting Today

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.

TWTR Chart

TWTR data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Dow Rises for First Time in 9 Days, Oil Jumps as OPEC Agrees to Boost Output

Dow Rises for First Time in 9 Days, Oil Jumps as OPEC Agrees to Boost Output

OPEC Reaches Output Deal, But Won't Put Figure on Extra Barrels in Market

OPEC Reaches Output Deal, But Won't Put Figure on Extra Barrels in Market

Video: Stock Investors Shouldn't Fret About Oil Prices in the $60s

Video: Stock Investors Shouldn't Fret About Oil Prices in the $60s

Who Is Right: AT&T's CEO or People Obsessed With Netflix Stock?

Who Is Right: AT&T's CEO or People Obsessed With Netflix Stock?

Comcast's Brian Roberts vs. Disney's Bob Iger: Which Titan Will Nab Fox?

Comcast's Brian Roberts vs. Disney's Bob Iger: Which Titan Will Nab Fox?