BioMarin Pharmaceutical Inc. (BMRN), announced on Monday its plans to offer $850 million in senior unsecured notes due 2034.
The company also launched syndication of a $2 billion senior secured Term Loan B facility, alongside an $800 million Term Loan A facility and a $600 million revolving credit facility, all in connection with its pending acquisition of Amicus Therapeutics, Inc.
Proceeds from the notes, together with borrowings under the new term facilities and cash on hand, will fund the acquisition consideration and related fees and expenses. BioMarin said it may also borrow up to $150 million under the revolving facility for such costs.
The proceeds from the note offering will be held in escrow until the Amicus acquisition closes, expected by December 19, 2026. If the acquisition is not completed by that date or certain events occur, BioMarin is required to redeem the notes at 100% of the issue price plus accrued interest.
BioMarin shares were down more than 3% in pre-market trading after closing at $56.21 on Friday, down 1.70%.
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