Jazz Pharmaceuticals Plans $1 Bln Notes Offering, Concurrent $225 Mln Share Buyback
(RTTNews) - Jazz Pharmaceuticals plc (JAZZ), a biopharmaceutical company, on Wednesday announced plans to offer $1 billion of exchangeable senior notes due 2032 in a private offering.
The company's wholly owned subsidiary, Jazz Investments I Ltd., is also expected to grant initial purchasers an option to buy up to an additional $150 million of notes.
The interest rate, initial exchange rate and other terms of the notes will be determined at pricing.
The company expects to use the net proceeds for general corporate purposes.
The company also plans to repurchase up to $225 million of its ordinary shares from purchasers of the notes in privately negotiated transactions.
The company said that the repurchases will be funded with existing cash and will be made under its existing share repurchase program.
The company said the concurrent share repurchases are not guaranteed and will depend on the terms of the transactions.
In the pre-market trading, Jazz Pharmaceuticals is 3.20% lesser at $251.89 on the Nasdaq.
