Horizon Pharma starts roadshow for $300 million eight-year notes; initial guidance 8½%

By Paul A. Harris

Portland, Ore., Oct. 13 – Horizon Pharma plc began a roadshow on Thursday for a $300 million offering of eight-year senior notes, according to a market source.

The Rule 144A and Regulation S deal, which is being led by BofA Merrill Lynch, comes with 8½% initial yield guidance and is expected to price on Tuesday.

Other banks in the syndicate include Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Jefferies LLC and Cowen & Co.

The notes come with three years of call protection.

Proceeds, along with $375 million of bank debt that the Dublin-based biopharmaceutical company is putting in place, will be used to help fund acquisition of Raptor Pharmaceutical Corp. and refinance existing debt.

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