Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v2.4.1.9
Debt (Tables)
12 Months Ended
Dec. 31, 2014
Debt Instrument [Line Items]  
Schedule of principal amounts, unamortized discount and net carrying amounts
The following table sets forth information related to the 2033 Senior Notes which is included our Consolidated Balance Sheets as of December 31, 2014:
(In thousands)
Embedded conversion option
 
2033 Senior Notes
 
Discount
 
Total
Balance at December 31, 2013
$
101,087


$
158,064


$
(47,239
)

$
211,912

Amortization of debt discount




5,662


5,662

Change in fair value of embedded derivative
12,213






12,213

Conversion
(47,353
)

(70,422
)

19,442


(98,333
)
Balance at December 31, 2014
$
65,947


$
87,642


$
(22,135
)

$
131,454

The following table sets forth information related to the 2033 Senior Notes which is included our Consolidated Balance Sheets as of December 31, 2013:
(In thousands)
Embedded conversion option
 
2033 Senior Notes
 
Discount
 
Total
Balance at December 31, 2012
$

 
$

 
$

 
$

Issuance of 3.00% convertible notes
59,204

 
175,000

 
(59,204
)
 
175,000

Amortization of debt discount

 

 
6,596

 
6,596

Change in fair value of embedded derivative
52,742

 

 

 
52,742

Conversion
(10,859
)
 
(16,936
)
 
5,369

 
(22,426
)
Balance at December 31, 2013
$
101,087

 
$
158,064

 
$
(47,239
)
 
$
211,912

Summary of lines of credit
The following table summarizes the amounts outstanding under the Chilean and Spanish lines of credit:
(Dollars in thousands)
 
 
 
 
 
 Balance Outstanding
Lender
 
Interest rate on
borrowings at December 31, 2014
 
Credit line
capacity
 
December 31,
2014
 
December 31,
2013
Itau Bank
 
6.52%
 
$
1,800

 
965

 
$
1,999

Bank of Chile
 
6.34%
 
2,250

 
1,410

 
2,079

BICE Bank
 
6.16%
 
1,700

 
1,249

 
516

Corp Banca
 
—%
 

 

 
(47
)
BBVA Bank
 
5.00%
 
2,000

 
795

 
523

Penta Bank
 
7.34%
 
1,200

 
1,008

 
946

Security Bank
 
6.16%
 
640

 
361

 
1,075

BCI
 
—%
 

 

 
198

Estado Bank
 
5.30%
 
2,800

 
1,870

 
1,772

Sabadell Bank
 
4.50%
 
182

 

 

BBVA Bank
 
4.75%
 
304

 

 

Santander Bank
 
4.50%
 
243

 

 

Total
 
 
 
$
13,119

 
$
7,658

 
$
9,061

OPKO Health Europe  
Debt Instrument [Line Items]  
Schedule of principal amounts, unamortized discount and net carrying amounts
At December 31, 2014 and 2013, we had mortgage notes and other debt related to OPKO Health Europe as follows:
(In thousands)
December 31,
2014
 
December 31,
2013
Current portion of notes payable
$
608

 
$
1,964

Other long-term liabilities
2,435

 
3,270

Total mortgage notes and other debt
$
3,043

 
$
5,234

Notes  
Debt Instrument [Line Items]  
Inputs to lattice model used to value the embedded derivative
The following table sets forth the inputs to the lattice model used to value the embedded derivative:
 
December 31, 2014
 
December 31, 2013
 
Issuance Date
Stock price
$9.99
 
$8.44
 
$6.20
Conversion Rate
141.4827
 
141.4827
 
141.4827
Conversion Price
$7.07
 
$7.07
 
$7.07
Maturity date
February 1, 2033
 
February 1, 2033
 
February 1, 2033
Risk-free interest rate
1.40%
 
1.78%
 
1.12%
Estimated stock volatility
39%
 
55%
 
40%
Estimated credit spread
1,081 basis points
 
828 basis points
 
944 basis points
Fair value of notes with and without the embedded derivatives and fair value of embedded derivatives
The following table sets forth the fair value of the 2033 Senior Notes with and without the embedded derivatives, and the fair value of the embedded derivatives at December 31, 2014, December 31, 2013, and January 30, 2013. At December 31, 2014, December 31, 2013, and January 30, 2013, the principal amount of the 2033 Senior Notes was $87.6 million, $158.1 million and $175.0 million, respectively:
(In thousands)
December 31, 2014
 
December 31, 2013
 
Issuance Date
Fair value of 2033 Senior Notes:
 
 
 
 
 
With the embedded derivatives
$
129,009

 
$
218,081

 
$
175,000

Without the embedded derivatives
$
63,062

 
$
116,994

 
$
115,796

Estimated fair value of the embedded derivatives
$
65,947

 
$
101,087

 
$
59,204