Published on 10/19/2016 in the Prospect News High Yield Daily.
New Issue: Horizon Pharma prices $300 million eight-year notes at par to yield 8¾%
By Paul A. Harris
Portland, Ore., Oct. 19 – Horizon Pharma plc priced a $300 million issue of eight-year senior notes (B3/B-) at par to yield 8¾% on Wednesday, according to a syndicate source.
The yield printed at the wide end of the 8½% to 8¾% yield talk.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. were the joint bookrunners.
Proceeds, along with $375 million of bank debt that the Dublin-based biopharmaceutical company is putting in place, will be used to help fund the acquisition of Raptor Pharmaceutical Corp. and to refinance existing debt.
| Issuers: | Horizon Pharma, Inc. and Horizon Pharma USA, Inc.
|
| Amount: | $300 million
|
| Maturity: | Nov. 1, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co.
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Spread: | 715 bps
|
| Call protection: | Three years
|
| Trade date: | Oct. 19
|
| Settlement date: | Oct. 25
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8½% to 8¾%
|
| Marketing: | Roadshow
|
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