OPKO Health Inc OPK shares are trading lower by 26.3% to $1.10 Thursday morning. The company on Wednesday announced a private offering of convertible senior notes due 2029.
What Happened?
OPKO Health plans a private offering of $200 million in Convertible Senior Notes due 2029, with an option for an additional $30 million. These notes will pay interest semiannually and mature on January 15, 2029, allowing holders to convert them under specific conditions.
The conversion could be settled in cash, company shares, or a mix of both at the company's discretion. Additionally, affiliated entities of key executives expressed interest in acquiring $70 million of these notes.
The company aims to use part of the proceeds to repurchase its common stock and some of its 4.50% Convertible Senior Notes due 2025. The remaining proceeds will be allocated for general corporate purposes.
See Also: Bill Ackman's Pershing Square Rebounds In 2023, Surpassing S&P 500 Gains
According to data from Benzinga Pro, OPK has a 52-week high of $2.24 and a 52-week low of $1.00.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
