January 05, 2016 4:48pm EST
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MIAMI--(BUSINESS WIRE)--
OPKO Health, Inc. (NYSE: OPK) today announced that the Company's 3.0%
Convertible Senior Notes due 2033 (the "Notes") continue to be
convertible by holders of such Notes through March 31, 2016. The Company
has elected to satisfy its conversion obligation under the Notes in
shares of the Company's Common Stock.
This conversion right has been extended because the closing price per
share of the Company's Common Stock has exceeded $9.19, or 130% of the
applicable conversion price of $7.07, for at least 20 of 30 consecutive
trading days during the quarter ended December 31, 2015. The Company had
previously announced that this conversion right had been triggered
during the quarters ended March 31, 2015, June 30, 2015 and September
30, 2015. The Notes will continue to be convertible until March 31,
2016, and may be convertible thereafter, if one or more of the
conversion conditions specified in the Indenture, dated as of January
30, 2013, by and between the Company and Wells Fargo Bank N.A., is
satisfied during future measurement periods. Pursuant to the Indenture,
a holder who elects to convert the Notes will receive 141.4827 shares of
the Company's Common Stock plus such number of additional shares as is
applicable on the conversion date per $1,000 principal amount of Notes
based on the early conversion provisions in the Indenture.
Wells Fargo Bank, National Association is the trustee for the holders of
the Notes and the conversion agent under the Indenture. All questions
relating to the mechanics of the conversion for the Notes should be
directed to Wells Fargo Bank National Association, Attn: Barry Somrock
at CMESCONVERSIONS@wellsfargo.com .
This press release is only a summary of certain provisions of the Notes
and the Indenture. A complete explanation of the conversion rights of
holders of the Notes, as well as the procedures required to convert the
Notes, is set forth in the Indenture. All holders are urged to review
the conversion provisions contained in the Indenture in its entirety.
ABOUT OPKO HEALTH, INC.
OPKO is a multinational biopharmaceutical and diagnostics company that
seeks to establish industry leading positions in large, rapidly growing
markets by leveraging its discovery, development and commercialization
expertise and novel and proprietary technologies. For more information,
visit http://www.opko.com .
SAFE HARBOR STATEMENT
This press release includes forward looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995, which
are subject to risk and uncertainties that could cause actual results to
differ materially from those anticipated. Such statements may relate to
OPKO's plans, objectives and expected financial and operating results,
including statements regarding the Notes and whether conversion
conditions will be met in the future. The words "may," "could," "would,"
"will," "believe," "anticipate," "estimate," "expect," "intend," "plan,"
and similar expressions or variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance and
involve risks and uncertainties, many of which are beyond OPKO's ability
to control. The risks and uncertainties that may affect forward looking
statements include, but are not limited to: currency fluctuations,
volatility in the trading price for our common stock and the Notes,
global economic and political conditions, marketing demand for OPKO's
products and services, long sales cycles, new product development,
assimilating future acquisitions, maintaining relationships with
customers and partners, and increased competition. For more details
about the risks and uncertainties related to OPKO's business, refer to
OPKO's filings with the Securities and Exchange Commission. OPKO
undertakes no obligation to publicly update or revise any forward
looking statements, whether as a result of new information, future
events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160105006802/en/
OPKO Health, Inc.
Steve D. Rubin or Adam Logal, 305-575-4100
Source: OPKO Health, Inc.
Released January 5, 2016
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