Horizon launches $518 million term loan B at Libor plus 250 bps

By Sara Rosenberg

New York, May 9 – Horizon Therapeutics plc (Horizon Pharma USA Inc.) launched on its call on Thursday a $518 million seven-year senior secured covenant-lite term loan B that is talked at Libor plus 250 basis points with a 0% Libor floor and an original issue discount of 99.5 to 99.75, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Citigroup Global Markets Inc. is the left lead arranger on the transaction.

Proceeds will be used to reprice and extend an existing term loan B due March 2024 that is priced at Libor plus 275 bps with a 1% Libor floor.

Commitments from existing lenders are due at 5 p.m. ET on Wednesday, and commitments from new lenders are due at 5 p.m. ET on May 16, the source added.

Expected term loan ratings are Ba1/BB+.

Closing is expected on May 22.

Horizon Therapeutics is a Dublin-based biopharmaceutical company.

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