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Harrow Health Announces Pricing of $50 Million Offering of Senior Notes Due 2026
NASHVILLE, Tenn., April 15, 2021 (GLOBE NEWSWIRE) -- Harrow Health, Inc. (NASDAQ: HROW) (“Harrow Health” or the “Company”), an ophthalmic-focused healthcare
About this update from Harrow, Inc.
[{"type":"text","content":"NASHVILLE, Tenn., April 15, 2021 (GLOBE NEWSWIRE) -- Harrow Health, Inc. (NASDAQ: HROW) (“Harrow Health” or the “Company”), an ophthalmic-focused healthcare company, today announced the pricing of its underwritten registered public offering of $50 million aggregate principal amount of 8.625% senior notes due 2026 (the “Notes”). The Company has granted the underwriters a 30-day option to purchase an additional $5.0 million aggregate principal amount of senior notes in connection with the offering. The offering is expected to close on April 20, 2021, subject to customary closing conditions. Harrow Health and this issuance of notes both received a rating of “BB” from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. The Company has applied to list the notes on Nasdaq under the symbol “HROWL” and expects the notes to begin trading within 30 business days of the closing date of the offering, if approved. The Company expects to use the net proceeds of the offering to repay outstanding borrowings of approximately $15.5 million under the Company’s term loan and security agreement with SWK Funding LLC, a subsidiary of SWK Holdings Corporation, and its partners, with the remaining net proceeds available for general corporate purposes, including funding future strategic product acquisitions and related investments, making capital expenditures and funding working capital. B. Riley Securities, National Securities Corporation, Ladenburg Thalmann and William Blair are acting as book-running managers for this offering. Aegis Capital Corp., Boenning & Scattergood and Maxim Group LLC are acting as co-managers. The notes will be offered under the Company's shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (\"SEC\") on July 13, 2020. The offering of these notes will be made only by means of a preliminary prospectus supplement filed with the SEC on April 14, 2021 and accompanying base prospectus, and a final prospectus supplement which will be filed with the SEC. Copies of the prospectus supplement and the accompanying base prospectus may be obtained on the SEC’s website at www.sec.gov, or by contacting B. Riley Securities by phone at (703) 312-9580, or by emailing [email protected]. This press release shall not constitute an offer to sell or the solicitati...