Horizon Pharma (HZNP) Announces Aggregate $300M Senior Notes Offering; Plans to Borrow from Term Loan

October 13, 2016 7:47 AM EDT

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Horizon Pharma plc (Nasdaq: HZNP) announced that Horizon Pharma, Inc. and Horizon Pharma USA, Inc., its wholly owned subsidiaries, intend, subject to market and other considerations, to offer $300 million aggregate principal amount of senior notes due 2024, and to borrow $375 million aggregate principal amount of incremental term loans under Horizon’s existing senior secured credit facility.

Horizon currently expects to use the net proceeds from the offering of notes and the incremental term loans to fund a portion of Horizon’s planned acquisition of Raptor Pharmaceutical Corp. (“Raptor”), repay Raptor’s outstanding debt, and pay any prepayment premiums, fees and expenses in connection with the foregoing. The notes and the incremental term loans will be fully and unconditionally guaranteed by Horizon, as well as by certain of its existing and future subsidiaries.

The notes will be offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to non-U.S. buyers in accordance with Regulation S under the Securities Act.

The notes have not been and are not expected to be registered under the Securities Act or under any state securities laws and, unless so registered, may not be offered or sold in the United States or to U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

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