Press release
Royalty Pharma Announces Closing of $6.0 Billion Senior Unsecured Notes
NEW YORK, Sept. 02, 2020 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) announced today that it has closed an offering of $6 billion senior unsecured
About this update from Royalty Pharma Plc
[{"type":"text","content":"NEW YORK, Sept. 02, 2020 (GLOBE NEWSWIRE) -- Royalty Pharma plc (Nasdaq: RPRX) announced today that it has closed an offering of $6 billion senior unsecured notes, comprised of the following tranches (collectively, the “Notes”):\n $1 billion aggregate principal amount of 0.75% Senior Notes due 2023;$1 billion aggregate principal amount of 1.20% Senior Notes due 2025;$1 billion aggregate principal amount of 1.75% Senior Notes due 2027;$1 billion aggregate principal amount of 2.20% Senior Notes due 2030;$1 billion aggregate principal amount of 3.30% Senior Notes due 2040; and$1 billion aggregate principal amount of 3.55% Senior Notes due 2050. The Notes were issued in a private offering exempt from registration in accordance with Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Notes are guaranteed on a senior unsecured basis by Royalty Pharma Holdings Ltd. Royalty Pharma intends to use the net proceeds from the Notes, together with available cash on hand, to repay its existing Term Loan A and Term Loan B facilities and to pay fees and expenses incurred in connection with the offering. The Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance upon Rule 144A under the Securities Act and, outside the United States, only to non-U.S. persons pursuant to Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements under the Securities Act or any state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor does it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. Interest payments on the Notes will be paid semi-annually, with the first payment occurring in the quarter ending March 2021, compared to the quarterly interest payment schedule of the existing Term Loan A and B facilities. As a result of the refinancing, interest expense on a cash basis in 2020 will be reduced through the end of the year. About Royalty Pharma Founded in 1996, Royalty Pharma is the largest buyer of biopharm...