On May 7, 2021 OPKO Health, Inc. (NASDAQ: OPK) reported that has entered into exchange agreements with certain noteholders of the Company’s 4.50% Convertible Senior Notes due 2025 ("Notes") (Press release, Opko Health, MAY 7, 2021, View Source [SID1234579462]). The noteholders have agreed to exchange $55.42 million of the Company’s outstanding 2025 Notes for shares of the Company’s common stock.

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The number of shares of common stock to be issued by the Company to the Noteholders will be determined based upon a volume-weighted-average-price per share of common stock, subject to a floor price of $3.50 per share, during a four-trading-day averaging period, commencing today. The Company has agreed to pay the Noteholders accrued and unpaid interest on the exchanged notes in cash.

As announced in February 2019, in connection with the Company’s original issuance of its $200.0 million of Notes, the Company entered into a share lending agreement with Jefferies Capital Services, LLC under which it issued 29.25 million shares of common stock to lend. The Company currently expects that, upon consummation of the exchange of the Notes with its noteholders, there will be a pro rata reduction in the outstanding borrowed shares of its common stock.