BioMarin Pharmaceutical (NASDAQ:BMRN) has concocted a formula to raise capital from the markets. The company announced it will float a pair of $300 million senior subordinated convertible notes offerings. The first will mature in 2018, and the second in 2020. Additionally, BioMarin said it expects to grant the offering's underwriters an option to purchase up to an additional $70 million worth of the notes.
The company will use its share of the issue's proceeds for "general corporate purposes," including working capital, and research and development activities.
The joint book-running managers of the offering are Bank of America unit Merrill Lynch, Goldman Sachs, JPMorgan Chase's J.P. Morgan, and Morgan Stanley.
BioMarin has just over 140 million shares outstanding, and its stock most recently closed at $67.25 per share.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Bank of America, BioMarin Pharmaceutical, and Goldman Sachs and owns shares of Bank of America and JPMorgan Chase. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.