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Jazz Pharmaceuticals Announces Pricing of Private Offering of $850 Million of 2.000% Exchangeable Senior Notes due 2026
DUBLIN, June 9, 2020 /PRNewswire/ -- Jazz Pharmaceuticals plc (Nasdaq: JAZZ) ("Jazz Pharmaceuticals") today announced the pricing of $850 million aggregate
About this update from Jazz Pharmaceuticals Plc
[{"type":"text","content":"DUBLIN, June 9, 2020 /PRNewswire/ -- Jazz Pharmaceuticals plc (Nasdaq: JAZZ) (\"Jazz Pharmaceuticals\") today announced the pricing of $850 million aggregate principal amount of 2.000% exchangeable senior notes due 2026 in a private offering (the \"offering\") by Jazz Investments I Limited, its wholly-owned subsidiary (the \"Issuer\"), to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"). The Issuer also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $150 million aggregate principal amount of notes. The sale of the notes is expected to close on June 11, 2020, subject to customary closing conditions.\nThe notes will be general unsecured obligations of the Issuer and will accrue interest payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2020, at a rate of 2.000% per year. The notes will mature on June 15, 2026, unless earlier exchanged, repurchased or redeemed. Prior to March 15, 2026, the notes will be exchangeable only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The notes will be exchangeable for cash, ordinary shares (\"ordinary shares\") of Jazz Pharmaceuticals or a combination thereof, at the Issuer's election. The initial exchange rate will be 6.4182 ordinary shares per $1,000 principal amount of notes (equivalent to an initial exchange price of approximately $155.81 per ordinary share, which represents approximately a 40.0% premium over the closing price per ordinary share on the Nasdaq Global Select Market on June 8, 2020), subject to adjustment in some events but not for any accrued and unpaid interest. The Issuer's obligations under the notes will be fully and unconditionally guaranteed on a senior unsecured basis by Jazz Pharmaceuticals and will rank pari passu in right of payment with the Issuer's existing 1.875% exchangeable senior notes due 2021 (the \"2021 notes\") and 1.500% exchangeable senior notes due 2024.\nThe Issuer may redeem the notes at its option, prior to June 15, 2026, in whole but not in part, in connection with certain tax-related events. The Issuer also may redeem the notes at its o...