Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v2.4.0.8
Debt (Tables)
6 Months Ended
Jun. 30, 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 Condensed Consolidated Balance Sheets:
(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

 

 
3,557

 
3,557

Change in fair value of embedded derivative
(770
)
 

 

 
(770
)
Conversion
(47,353
)
 
(70,422
)
 
19,441

 
(98,334
)
Balance at June 30, 2014
$
52,964

 
$
87,642

 
$
(24,241
)
 
$
116,365

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 June 30, 2014
 
Credit line
capacity
 
June 30,
2014
 
December 31,
2013
Itau Bank
 
5.00%
 
$1,800
 
$1,476
 
$1,999
Bank of Chile
 
6.40%
 
2,250
 
1,195
 
2,079
BICE Bank
 
5.00%
 
1,700
 
1,868
 
516
Corp Banca
 
—%
 
 
 
(47)
BBVA Bank
 
5.00%
 
2,000
 
1,403
 
523
Penta Bank
 
8.20%
 
1,200
 
1,096
 
946
Security Bank
 
7.26%
 
1,300
 
797
 
1,075
BCI
 
—%
 
 
 
198
Estado Bank
 
5.44%
 
2,800
 
1,709
 
1,772
Sabadell Bank
 
4.50%
 
205
 
 
Bilbao Vizcaya Bank
 
4.72%
 
341
 
 
Banco Popular
 
6.09%
 
273
 
 
Deutsche Bank
 
4.00%
 
204
 
 
Santander Bank
 
4.09%
 
273
 
 
Total
 
 
 
$14,346
 
$9,544
 
$9,061
Farmadiet Acquisition
 
Debt Instrument [Line Items]  
Schedule of principal amounts, unamortized discount and net carrying amounts
At June 30, 2014 and December 31, 2013, we had mortgage notes and other debt related to OPKO Spain as follows:
(In thousands)
June 30,
2014
 
December 31,
2013
Current portion of notes payable
$
950

 
$
1,964

Other long-term liabilities
2,948

 
3,270

Total mortgage notes and other debt
$
3,898

 
$
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:
 
June 30, 2014
Stock price
$8.84
Conversion Rate
141.4827
Conversion Price
$7.07
Maturity date
February 1, 2033
Risk-free interest rate
1.47%
Estimated stock volatility
42%
Estimated credit spread
717 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 June 30, 2014. At June 30, 2014 the principal amount of the 2033 Senior Notes was $87.6 million:
(In thousands)
June 30, 2014
Fair value of 2033 Senior Notes:
 
With the embedded derivatives
$
122,723

Without the embedded derivatives
$
69,759

Estimated fair value of the embedded derivatives
$
52,964