Horizon Pharma to price $500 million eight-year notes on Thursday, initial talk 5 5/8% area

By Paul A. Harris

Portland, Ore., July 10 – Horizon Pharma USA, Inc. plans to price a $500 million offering of eight-year senior notes (expected ratings B1/B+) on Thursday, according to a syndicate source.

An investor call was scheduled for noon ET on Wednesday.

Initial guidance has the deal coming to yield in the 5 5/8% area.

Citigroup Global Markets Inc. is the lead bookrunner. Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC and Cowen are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 75% of the coupon, feature a three-year 40% equity clawback at par plus the coupon and include a 101% poison put.

The Dublin-based biopharmaceutical company plans to use the proceeds, along with cash on hand, to redeem all of its 6 5/8% senior notes due 2023 and its 8 ¾% senior notes due 2024.

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