BioMarin Pharmaceutical Inc. completed a private placement of $850 million aggregate principal amount of 5.500% Senior Notes due 2034. The net proceeds, combined with new term loan facilities, are intended to fund the pending acquisition of Amicus Therapeutics, Inc.
Key takeaways
BioMarin completed the offering of $850 million aggregate principal amount of 5.500% Senior Notes due 2034.
Proceeds will be used to fund the pending acquisition of Amicus Therapeutics, Inc., along with borrowings from new $2 billion Term Loan B and $800 million Term Loan A facilities.
Gross proceeds were deposited into an escrow account pending the consummation of the Acquisition.
If the Acquisition is not completed by December 19, 2026, BioMarin must redeem all Notes at 100% of the initial issue price plus accrued and unpaid interest.
The Notes are guaranteed by certain BioMarin subsidiaries and, following the Acquisition closing, by Amicus and certain of its subsidiaries.
BioMarin expects to enter into a new $600 million senior secured revolving credit facility in connection with the Acquisition.