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Amarin unit to issue $30M of senior notes

Amarin Corp. PLC unit Corsicanto II Designated Activity Co. will issue and sell $30.0 million in exchangeable senior notes to certain investors.

The 3.50% Amarin-guaranteed notes are due 2047 and will be sold at an issue price of 100%. The notes will be exchangeable into American depositary shares of Amarin at the option of the holders at an initial exchange rate of 257.2016 depositary shares per $1,000 of notes, subject to certain adjustments.

The purchase agreements were entered into in contemplation of the surrender for purchase of about $15.0 million of 3.50% exchangeable senior notes due 2032, which were issued by an Amarin subsidiary in January 2012.

The transaction is expected to close Jan. 25.

Net proceeds from the offering are expected to total $28.9 million. A portion of the proceeds will replenish about $15.0 million of cash on hand that Amarin used to buy substantially all of the 2012 notes. Amarin anticipates that it will use such cash on hand and the remainder of the proceeds for general corporate and working capital purposes.

Lazard is acting as financial adviser and placement agent in connection with the offering of notes due 2047.