Business
Jazz Pharmaceuticals Announces Private Offering of $850 Million of Exchangeable Senior Notes due 2026
DUBLIN, June 8, 2020 /PRNewswire/ -- Jazz Pharmaceuticals plc (Nasdaq: JAZZ) today announced that Jazz Investments I Limited, its wholly-owned subsidiary (the
About this update from Jazz Pharmaceuticals Plc
[{"type":"text","content":"DUBLIN, June 8, 2020 /PRNewswire/ -- Jazz Pharmaceuticals plc (Nasdaq: JAZZ) today announced that Jazz Investments I Limited, its wholly-owned subsidiary (the \"Issuer\"), intends to offer, subject to market conditions and other factors, $850 million aggregate principal amount of exchangeable senior notes due 2026 (the \"notes\") in a private offering (the \"offering\") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"). The Issuer also expects to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $150 million aggregate principal amount of notes.\nThe notes will be exchangeable under certain circumstances for cash, ordinary shares (\"ordinary shares\") of Jazz Pharmaceuticals plc (\"Jazz Pharmaceuticals\"), or a combination thereof. The interest rate, initial exchange rate and other terms of the notes will be determined at the time of pricing of the offering. The notes will be general unsecured obligations of the Issuer and will accrue interest payable semiannually in arrears. 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 intends to use a portion of the net proceeds from the offering to repurchase for cash up to approximately $400 million aggregate principal amount of the 2021 notes through individual privately negotiated transactions concurrently with the offering of the notes. The remaining net proceeds will be used for general corporate purposes, which may include additional repurchases of 2021 notes from time to time following the offering. Note repurchases occurring concurrently with the offering of the notes could increase (or reduce the size of any decrease in) the market price of the ordinary shares concurrently with the pricing of the notes, resulting in a higher effective exchange price for the notes. Note repurchases that may occur from time to time following the offering of the notes could increase (or reduce the size of any decrease in) the market price of the ordinary shares or the trading price of the notes. \nNone of th...