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Pharming Group N.V. launches new convertible bond offering and simultaneously invites holders of its outstanding €125 million 3.00% convertible bonds due 2025 to offer their convertible bonds for purchase for cash

Pharming Group N.V. ("Pharming" or the "Company") (Euronext Amsterdam: PHARM) launches today the issue of approximately €100 million senior unsecured convertible bonds due 2029 (the “New Bonds”) convertible into new and/or existing ordinary shares in the capital of the Company (the “Shares”) and concurrently invites current holders of its outstanding €125 million 3.00% convertible bonds due 2025 to submit offers to sell for cash.

  • The New Bonds are expected to be issued on 25th April 2024 (the “Issue Date”) and to carry a coupon of 4.50% per annum payable semi-annually
  • The New Bonds will have a maturity date of 25th April 2029 (the “Maturity Date”) 
  • The initial conversion price at which the New Bonds may be converted into Pharming’s Shares is expected to be set at a premium of between 32.50% and 42.50% above the volume weighted average price (the “VWAP”) of a Share on Euronext Amsterdam between opening of trading on the launch date and the pricing of the offering
  • Pharming will use the net proceeds of the issue for the concurrent repurchase of the outstanding €125 million 3.00% senior unsecured convertible bonds due 2025 issued on 21 January 2020 (the “2025 Bonds”; ISIN: XS2105716554) to strengthen its financial position while enhancing flexibility for the continued execution of its business strategy over the next several years

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