Benzinga | Nov 12, 2020 05:15AM EST

Biofrontera Resolves Mandatory Conversion of Subordinated Mandatory Convertible Bonds

Biofrontera AG (NASDAQ:BFRA) has issued a 1.00% qualified subordinated mandatory convertible bond 2020/2021 (ISIN: DE000A3E4548 / WKN: A3E454) in August 2020. Within the scope of the issuance, 2,638,150 qualified subordinated mandatory convertible bearer bonds ("Bonds") with a nominal value of EUR 3.00 each were issued. The term of the Bonds began on August 20, 2020 and will end on December 20, 2021. Pursuant to Section 8 (2) of the Bond terms and conditions, however, the Company is entitled to a mandatory conversion at any time without limitation in time after the price of the Company's share has exceeded EUR 4.50 ("Mandatory Conversion Trigger Price"). The Mandatory Conversion Trigger Price was exceeded after the commencement of the term of the Bonds.

The Management Board with the approval of the Supervisory Board decided today to exercise the right to mandatory conversion pursuant to Section 8 (2) of the Bond terms and conditions. The notice of mandatory conversion will be published shortly in the Federal Gazette.