OPKO Health prices $200M 3.75% convertible notes due 2029; funds buyback of common stock and 2025 notes

OPKO HEALTH, INC.

$200M principal, 3.75% rate, matures Jan 15, 2029; initial conversion price ~$1.15 (26.8% premium).
Affiliates (CEO and others) exchange $71.1M of existing 5% prom notes for affiliate notes.
Net proceeds ~$192.5M; ~$50M for stock repurchases at $0.9067/share, ~$146.3M to retire ~$144.4M of 4.50% notes due 2025.
Offering expected to close Jan 9, 2024; initial purchaser option for additional $30M.

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