Business
Pacira BioSciences Announces Closing of $375 Million Five-Year Term Loan B
-- Provides additional operational and financial flexibility -- -- Underscores strength of forecasted earnings and operating cash flow -- TAMPA, Fla., Dec.
About this update from Pacira Biosciences, Inc.
[{"type":"text","content":"-- Provides additional operational and financial flexibility -- -- Underscores strength of forecasted earnings and operating cash flow -- TAMPA, Fla., Dec. 09, 2021 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to non-opioid pain management and regenerative health solutions, today announced the closing of a $375 million Senior Secured Term Loan B Facility. “We believe this successful debt offering provides further validation of the strength of our forecasted earnings and operating cash flow. This additional capital should accelerate our near-term growth and support our long-term strategic initiatives. We remain confident in our five-year plan to achieve robust revenue and earnings expansion,” said Charles Reinhart, chief financial officer of Pacira BioSciences. Proceeds of the Term Loan B are expected to be used for general corporate purposes, to replenish a portion of company’s funds that were used to pay the purchase price and transaction costs of the acquisition of Flexion Therapeutics, Inc. and related transactions, and to repay the remaining principal value of the company’s 2.375% convertible senior notes due 2022. The Term Loan B was placed with high-quality institutional lenders. JPMorgan Chase Bank, N.A. acted as bookrunner and lead arranger and Silver Point Finance, LLC acted as syndication agent. About Pacira BioSciences Pacira BioSciences, Inc. (Nasdaq: PCRX) is committed to providing a non-opioid option to as many patients as possible to redefine the role of opioids as rescue therapy only. The company is also developing innovative interventions to address debilitating conditions involving the sympathetic nervous system, such as cardiac electrical storm, chronic pain, and spasticity. Pacira has three commercial-stage non-opioid treatments: EXPAREL® (bupivacaine liposome injectable suspension), a long-acting, local analgesia currently approved for postsurgical pain management; ZILRETTA® (triamcinolone acetonide extended-release injectable suspension), an extended-release, intra-articular, injection indicated for the management of osteoarthritis knee pain, and ioveraº, a novel, handheld device for delivering immediate, long-acting, drug-free pain control using precise, controlled doses of cold temperature to a targeted nerve To learn more about Pacira, including the c...