Issuer Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-132566
(Supplementing Preliminary Prospectus Supplement dated April 16, 2007)
~ SEC-Registered Senior Subordinated Convertible Notes Pricing ~
BioMarin Pharmaceutical Inc.
(BMRN/NASDAQ & SWX)
SEC-Registered Senior Subordinated Convertible Notes
Offering Size: $282,500,000
Greenshoe (15%): $42,375,000
Public Offering Price: $1,000.00 per note (100%)
Underwriting Discount Per Note: $25.00 per note (2.5%)
Net Proceeds: $275,437,500
Maturity: April 23, 2017
Interest Rate: 1.875 % payable semiannually in arrears in cash
Last Sale (4/17/07): $16.62
Conversion Price: Approximately $20.36 per share, subject to adjustment
Conversion Premium: 22.5%
Conversion Rate: 49.1171 shares of common stock per $1,000 principal amount of notes, subject to adjustment
Conversion Rate Cap: 60.1684 shares of common stock per $1,000 principal amount of notes, subject to adjustment
Interest Payment Dates: April 23 and October 23, beginning October 23, 2007
Make-Whole Premium Upon a Fundamental Change: If a fundamental
change occurs and a holder elects to convert in connection with such
transaction, the conversion rate will be increased by a number of shares.
The number of additional shares of common stock per $1,000 principal amount of notes will be determined by reference to the following table and is based on the date on which such fundamental change becomes effective and the price paid per share of common stock on the effective date:
| Effective Date | ||||||||||||||||||||||
| Stock Price on Effective Date |
4/23/2007 | 4/23/2008 | 4/23/2009 | 4/23/2010 | 4/23/2011 | 4/23/2012 | 4/23/2013 | 4/23/2014 | 4/23/2015 | 4/23/2016 | 4/23/2017 | |||||||||||
| $16.62 |
11.0514 | 11.0514 | 11.0514 | 11.0514 | 11.0514 | 11.0514 | 11.0514 | 11.0514 | 11.0514 | 11.0514 | 11.0514 | |||||||||||
| 18.00 |
9.8116 | 9.7240 | 9.6501 | 9.5369 | 9.4077 | 9.2415 | 9.0354 | 8.7157 | 8.2487 | 7.4262 | 6.4384 | |||||||||||
| 20.00 |
8.4063 | 8.2585 | 8.1133 | 7.9184 | 7.6896 | 7.4039 | 7.0499 | 6.5492 | 5.8397 | 4.6388 | 0.8829 | |||||||||||
| 25.00 |
6.1247 | 5.9156 | 5.6966 | 5.4204 | 5.0977 | 4.7051 | 4.2316 | 3.6055 | 2.7886 | 1.5959 | 0.0000 | |||||||||||
| 30.00 |
4.7890 | 4.5712 | 4.3438 | 4.0590 | 3.7342 | 3.3443 | 2.8912 | 2.3211 | 1.6325 | 0.7761 | 0.0000 | |||||||||||
| 40.00 |
3.3281 | 3.1323 | 2.9326 | 2.6860 | 2.4140 | 2.0972 | 1.7496 | 1.3396 | 0.8984 | 0.4474 | 0.0000 | |||||||||||
| 60.00 |
2.1097 | 1.9641 | 1.8098 | 1.6565 | 1.4718 | 1.2671 | 1.0433 | 0.8127 | 0.5546 | 0.2927 | 0.0000 | |||||||||||
| 80.00 |
1.5615 | 1.4498 | 1.3311 | 1.2202 | 1.0827 | 0.9316 | 0.7669 | 0.6018 | 0.4120 | 0.2195 | 0.0000 | |||||||||||
| 100.00 |
1.2453 | 1.1523 | 1.0560 | 0.9703 | 0.8606 | 0.7408 | 0.6095 | 0.4798 | 0.3277 | 0.1752 | 0.0000 | |||||||||||
| If the stock price on the effective date exceeds $100.00 per share, subject to adjustment, no adjustment to the applicable conversion rate will be made. If the stock price on the effective date is less than $16.62 per share, subject to adjustment, no adjustment to the applicable conversion rate will be made.
|
Trading: The notes will not be listed on any securities exchange or included
in any automatic quotation system.
Trade Date: 4/17/2007
Settlement Date: 4/23/2007
CUSIP: 09061G AD 3
Sole-Manager: Merrill Lynch
******
The issuer has filed a registration statement (including a prospectus and supplement thereto) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates. Before you invest, you should read the prospectus and the supplement thereto in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the supplement thereto if you request them by calling toll-free 1-866-500-5408.
ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.