BioMarin Announces Closing of Private Offering of Senior Notes

Core Viewpoint - BioMarin Pharmaceutical Inc. has successfully closed an offering of $850 million in senior unsecured notes to finance the acquisition of Amicus Therapeutics, Inc. and related expenses [1] Financing Details - The offering consists of 5.500% senior unsecured notes due in 2034, priced at 100.000% [1] - BioMarin plans to utilize the net proceeds from the notes, along with $2 billion from a new senior secured term loan "B" facility and $800 million from a senior secured term loan "A" facility, to fund the acquisition [1] - Additionally, a $600 million senior secured revolving credit facility is expected to be established in connection with the acquisition [1] Acquisition Context - The gross proceeds from the notes will be held in an escrow account until the acquisition is completed [1] - If the acquisition is not finalized by December 19, 2026, BioMarin must redeem the notes at their initial issue price plus accrued interest [1] Guarantees and Covenants - The notes are guaranteed by certain subsidiaries of BioMarin, including Amicus and its subsidiaries post-acquisition [1] - The indenture governing the notes includes covenants that restrict BioMarin and its subsidiaries from incurring additional debt, paying dividends, and other financial activities without exceptions [1] Regulatory Compliance - The notes have not been registered under the Securities Act and are offered only to qualified institutional buyers or non-U.S. persons [1]