Through its wholly-owned subsidiary Corsicanto Limited, certain holders of Amarin's (AMRN -8.6%) outstanding 3.50% Exchangeable Senior Notes issued on January 9, 2012 valued at $118.7M exchange their holdings for new Exchangeable Senior Notes with a lower conversion price. The original notes' conversions were 113.4752 ADSs/$1000 in principal amount. Amarin's price/ADS was, of course, much higher at the time. The new debt will have a conversion option of 384.6154 ADSs/$1000 in principal amount.
The conversion rates in the old and new notes are based on ADS prices of $8.81 and $2.60, respectively.