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Horizon Pharma talks upsized $475 million eight-year notes in 6¾% area; pricing Friday
By Paul A. Harris
Portland, Ore., April 23 – Horizon Pharma, Inc. upsized its offering of eight-year senior notes (B2/B-) to $475 million from $300 million, a syndicate source said on Thursday.
Official price talk comes in the 6¾% area.
The order book was scheduled to close late Thursday, and the notes are set to price and allocate on Friday.
Citigroup Global Markets Inc. and Jefferies LLC are the joint bookrunners for the Rule 144A for life and Regulation S offering.
Cowen and Guggenheim are the co-managers.
The notes become callable after three years at par plus 75% of the coupon.
Proceeds will be used to help fund the acquisition of Brisbane, Calif.-based commercial-stage biopharmaceutical company Hyperion Therapeutics, Inc. With respect to the $175 million of additional proceeds that are expected to result from the upsizing, $100 million was shifted away from the concurrent bank loan, decreasing it to $400 million from $500 million. The remaining $75 million of additional proceeds will be used for general corporate purposes.
Horizon Pharma is a Dublin-based specialty biopharmaceutical company.
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