April 01, 2015 1:26pm EDT
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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”) are convertible by
holders of such Notes. 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 triggered because the closing price per
share of the Company’s Common Stock has exceeded $9.19, or 130% of the
initial conversion price of $7.07, for at least 20 of 30 consecutive
trading days during the period ending on March 31, 2015. The Notes will
continue to be convertible until June 30, 2015, 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.
OPKO Health, Inc.
Steve D. Rubin or Adam Logal, 305-575-4100
Source: OPKO Health, Inc.
Released April 1, 2015
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