Jazz Pharmaceuticals starts roadshow for $2.7 billion eight-year notes; initial talk high 4% area

By Paul A. Harris

Portland, Ore., April 20 – Jazz Pharmaceuticals plc began a roadshow on Tuesday for a $2.7 billion offering of eight-year senior secured notes (expected ratings Ba2/BB-/BB+), according to market sources.

The deal, which is set to be marketed on a roadshow through Thursday, is in the market with initial guidance in the high 4% area.

BofA is the left bookrunner. JPMorgan, Barclays, Citigroup, Credit Suisse, DNB, MUFG, RBC, Sumitomo and Truist are the joint bookrunners.

The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The notes also feature a three-year 40% equity clawback and a 101% poison put.

The issuing entity will be Jazz Securities DAC.

The Dublin, Ireland-based biopharmaceutical company plans to use the proceeds plus acquisition date borrowings under its new senior secured credit facilities and cash on hand to fund the acquisition of GW Pharmaceuticals plc and refinance certain debt, including existing senior credit facilities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.