Business
HARMONY BIOSCIENCES ENTERS INTO $185 MILLION TERM LOAN FACILITY
Financing further strengthens balance sheet Use of net proceeds and existing cash to repay existing debtReduces annual interest expense by approximately $6
About this update from Harmony Biosciences Holdings, Inc.
[{"type":"text","content":"Financing further strengthens balance sheet Use of net proceeds and existing cash to repay existing debtReduces annual interest expense by approximately $6 million\n\n\nPLYMOUTH MEETING, Pa., July 27, 2023 /PRNewswire/ -- Harmony Biosciences Holdings, Inc. (\"Harmony\") (Nasdaq: HRMY), a pharmaceutical company dedicated to developing and commercializing innovative therapies for patients with rare neurological diseases, today announced it has entered into a new $185 million senior secured term loan facility with a bank syndicate. Harmony intends to use the net proceeds from the term loan and existing cash to repay the Company's existing debt of $196.5 million and related fees and expenses. Additional information about the term loan is contained in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 27, 2023.\n\n \n \n \n \n \n \n\n \n\"This financing further strengthens our balance sheet, provides greater financial flexibility and reduces our annual interest expense and overall cost of capital,\" said Jeffrey M. Dayno, M.D., President and CEO at Harmony Biosciences. \"Our cash generation and profitability, along with our outlook for growth, made this financing possible. Harmony's business is strong, continues to be a growth story, and we look forward to working with J.P. Morgan and this banking syndicate to advance our growth strategy.\"\nJPMorgan Chase Bank, N.A. serves as administrative agent, and acted as bookrunner and lead arranger, for the term loan facility.\nAbout Harmony BiosciencesAt Harmony Biosciences, we specialize in developing and delivering treatments for rare neurological diseases that others often overlook. We believe that where empathy and innovation meet, a better life can begin for people living with neurological diseases. Established by Paragon Biosciences, LLC, in 2017 and headquartered in Plymouth Meeting, PA, our team of experts from a wide variety of disciplines and experiences is driven by our shared conviction that innovative science translates into therapeutic possibilities for our patients, who are at the heart of everything we do. For more information, please visit www.harmonybiosciences.com.\nForward Looking StatementThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All st...