OPKO Health (OPK) Announces Extension of Conv. Notes Conversion Right

October 3, 2016 4:10 PM EDT

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OPKO Health (NASDAQ: OPK) disclosed the following in a U.S. SEC filing on Monday:

Item 8.01. Other Events.

On October 3, 2016, OPKO Health, Inc. (the “Company”) determined that its 3.0% Convertible Senior Notes due 2033 (the “Notes”), of which $32.2 million is outstanding, continue to be convertible by holders of such Notes through December 31, 2016. The Company has elected to satisfy its conversion obligation under the Notes in shares of the Company’s common stock. The 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 September 30, 2016. The Company had previously announced that this conversion right had been triggered during the quarters ended March 31, 2015, June 30, 2015, September 30, 2015, December 31, 2015, March 31, 2016 and June 30, 2016. The Notes will continue to be convertible until December 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. (the “Indenture”), 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. 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.

Wells Fargo Bank, National Association is the trustee for the holders of the Notes and the conversion agent under the Indenture. Any 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.



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