Global law firm Greenberg Traurig, P.A. represented OPKO Health, Inc. in its private offering of $230 million principal amount of 3.75% convertible senior notes due 2029.
OPKO Health used approximately $50 million to repurchase shares of its common stock from purchasers of notes in the offering and approximately $146.3 million for repurchases of its 4.50% convertible senior notes due 2025. It plans to use the remaining proceeds for general corporate purposes.
Greenberg Traurig also assisted the company with a concurrent private placement of approximately $71.1 million principal amount of 3.75% convertible senior notes due 2029 to Frost Gamma Investments Trust, a trust affiliated with OPKO Chairman and CEO Dr. Phillip Frost, as well OPKO CTO and Vice Chair Jane H. Hsiao, among others, in exchange for certain convertible promissory notes.
Miami-based OPKO Health is a multinational biopharmaceutical and diagnostics company that seeks to establish industry-leading positions in large, rapidly growing markets by leveraging its discovery, development and commercialization expertise and its novel and proprietary technologies.
“This was a significant note offering for OPKO Health, a long-time Greenberg Traurig client engaged in important work in the biopharmaceutical and diagnostic spaces,” said Robert L. Grossman, a Corporate Practice shareholder in Miami and Tel Aviv and chair of the firm’s Israel Practice. “Working closely with OPKO’s in-house counsel, preeminent corporate Shareholder Drew M. Altman, chair of our Miami Corporate Practice, led our multidisciplinary team of Greenberg Traurig attorneys to help the company complete the transaction in a timely manner and take advantage of favorable debt market conditions for qualified issuers.”
In addition to Altman and Grossman, the Greenberg Traurig transaction team included Miami Tax Shareholder L. Frank Cordero and Miami Corporate Associates Win Rutherfurd, Macy K. Nix, Jacob Seransky, and Maria Walker.
Original source can be found here.