Horizon Pharma talks $500 million eight-year notes to yield in 5½% area, pricing Thursday

By Paul A. Harris

Portland, Ore., July 11 – Horizon Pharma USA, Inc. talked its $500 million offering of eight-year senior notes (B1/B+) to yield in the 5½% area, according to a syndicate source.

Official talk comes at the tight end of initial guidance in the 5 5/8% area.

Books close at 1 p.m. ET Thursday and the notes are set to be priced and allocated thereafter.

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 8¾% senior notes due 2024.

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