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Jazz Pharmaceuticals Announces Successful Completion of Term Loan Repricing and Irrevocable Election of Settlement Method for the 2.000% Exchangeable Senior Notes due 2026
DUBLIN, July 22, 2024 /PRNewswire/ -- Jazz Pharmaceuticals plc (Nasdaq: JAZZ) ("Jazz Pharmaceuticals") today announced that it has completed a repricing of
About this update from Jazz Pharmaceuticals Plc
[{"type":"text","content":"DUBLIN, July 22, 2024 /PRNewswire/ -- Jazz Pharmaceuticals plc (Nasdaq: JAZZ) (\"Jazz Pharmaceuticals\") today announced that it has completed a repricing of the approximately $2.7 billion outstanding balance of its U.S. dollar term loans under its credit facility. The applicable margin above Term SOFR will be reduced by 75 basis points (from 300 basis points to 225 basis points) and the credit spread adjustment will be removed, resulting in anticipated interest savings of approximately $23 million on an annualized basis. All other terms are substantially unchanged.\nIrrevocable Election of Settlement Method for the 2.000% Exchangeable Senior Notes due 2026\nJazz Investments I Limited (the \"Issuer\"), a subsidiary of Jazz Pharmaceuticals, today announced that it provided written notice to the exchange agent, the trustee and the holders of its 2.000% Exchangeable Senior Notes due 2026 (the \"2026 notes\") that it has irrevocably elected to fix the settlement method for exchanges of the 2026 notes to a combination of cash and ordinary shares of Jazz Pharmaceuticals with a specified cash amount per $1,000 principal amount of 2026 notes exchanged equal to or in excess of $1,000. As a result, for any 2026 notes exchanged subsequent to such notice, an exchanging holder will receive (i) up to $1,000 in cash per $1,000 principal amount of 2026 notes exchanged and (ii) cash, ordinary shares, or any combination thereof, at the Issuer's election, in respect of the remainder, if any, of its exchange obligation in excess of $1,000 per $1,000 principal amount of 2026 notes exchanged. \nAbout Jazz Pharmaceuticals Jazz Pharmaceuticals plc (Nasdaq: JAZZ) is a global biopharma company whose purpose is to innovate to transform the lives of patients and their families. We are dedicated to developing life-changing medicines for people with serious diseases — often with limited or no therapeutic options. We have a diverse portfolio of marketed medicines, including leading therapies for sleep disorders and epilepsy, and a growing portfolio of cancer treatments. Our patient-focused and science-driven approach powers pioneering research and development advancements across our robust pipeline of innovative therapeutics in oncology and neuroscience. Jazz is headquartered in Dublin, Ireland with research and development laboratories, manufacturing facilit...