Jazz Pharmaceuticals Announces Private Offering of $850 Million of Exchangeable Senior Notes due 2030 and Concurrent Ordinary Share Repurchases
Jazz Pharmaceuticals (Nasdaq: JAZZ) announced that its subsidiary, Jazz Investments I , plans to offer $850 million in exchangeable senior notes due 2030 to qualified institutional buyers. The notes will be exchangeable under certain conditions, with the option to settle in cash, ordinary shares, or a combination. Jazz intends to use the proceeds to prepay up to $350 million of term loans and for general corporate purposes. Additionally, Jazz expects to repurchase up to $150 million of its ordinary shares concurrently with the offering. The notes will be unsecured obligations, guaranteed by Jazz Pharmaceuticals, and will rank pari passu with existing 2026 notes but subordinate to secured debts.
Jazz Pharmaceuticals (Nasdaq: JAZZ) ha annunciato che la sua controllata, Jazz Investments I, prevede di offrire 850 milioni di dollari in note senior convertibili scadenza 2030 per acquirenti istituzionali qualificati. Le note saranno convertibili a determinate condizioni, con l'opzione di liquidare in contante, azioni ordinarie, o una combinazione. Jazz intende utilizzare i proventi per rimborsare fino a 350 milioni di dollari di prestiti a termine e per scopi aziendali generali. Inoltre, Jazz prevede di riacquistare fino a 150 milioni di dollari delle proprie azioni ordinarie in concomitanza con l'offerta. Le note saranno obbligazioni non garantite, garantite da Jazz Pharmaceuticals, e avranno lo stesso grado di priorità delle note esistenti del 2026, ma saranno subordinate ai debiti garantiti.
Jazz Pharmaceuticals (Nasdaq: JAZZ) ha anunciado que su subsidiaria, Jazz Investments I, planea ofrecer 850 millones de dólares en notas senior canjeables con vencimiento en 2030 a compradores institucionales calificados. Las notas serán canjeables bajo ciertas condiciones, con la opción de liquidarse en efectivo, acciones ordinarias o una combinación. Jazz tiene la intención de utilizar los ingresos para pagar por adelantado hasta 350 millones de dólares de préstamos a plazo y para fines corporativos generales. Además, Jazz espera recomprar hasta 150 millones de dólares de sus acciones ordinarias simultáneamente con la oferta. Las notas serán obligaciones no garantizadas, garantizadas por Jazz Pharmaceuticals, y tendrán el mismo rango que las notas existentes de 2026, pero serán subordinadas a deudas garantizadas.
재즈 제약 (Nasdaq: JAZZ)은 그 자회사인 재즈 투자 I가 자격을 갖춘 기관 투자자에게 2030년 만기 교환 가능한 선순위 노트 8억 5천만 달러를 제공할 계획이라고 발표했습니다. 이 노트는 특정 조건 하에 교환 가능하며, 현금, 보통주 또는 이 둘의 조합으로 결제하는 옵션이 있습니다. 재즈는 수익금을 사용하여 3억 5천만 달러의 기한이 있는 대출을 조기에 상환하고 일반 회사 목적에 사용할 계획입니다. 또한 재즈는 1억 5천만 달러의 보통주를 동시 제공하는 동안 재매입할 것으로 예상합니다. 이 노트는 보증되지 않은 의무이며, 재즈 제약의 보증을 받고 있으며, 기존 2026년 노트와 동등한 순위에 있지만 담보 채무보다 낮은 순위를 갖습니다.
Jazz Pharmaceuticals (Nasdaq: JAZZ) a annoncé que sa filiale, Jazz Investments I, prévoit d'offrir 850 millions de dollars en obligations senior échangeables arrivant à échéance en 2030 aux acheteurs institutionnels qualifiés. Les obligations seront échangeables sous certaines conditions, avec l'option de régler en espèces, en actions ordinaires ou en combinaison. Jazz a l'intention d'utiliser les produits pour rembourser jusqu'à 350 millions de dollars de prêts à terme et pour des fins d'entreprise générales. De plus, Jazz prévoit de racheter jusqu'à 150 millions de dollars de ses actions ordinaires simultanément à l'offre. Les obligations seront des engagements non garantis, garantis par Jazz Pharmaceuticals, et seront classées au même rang que les obligations existantes de 2026, mais seront inférieures aux dettes sécurisées.
Jazz Pharmaceuticals (Nasdaq: JAZZ) hat bekannt gegeben, dass seine Tochtergesellschaft Jazz Investments I plant, 850 Millionen Dollar in wandelbaren vorrangigen Anleihen mit Fälligkeit 2030 an qualifizierte institutionelle Käufer anzubieten. Die Anleihen werden unter bestimmten Bedingungen wandelbar sein, mit der Option, in bar, Stammaktien oder einer Kombination davon zu begleichen. Jazz beabsichtigt, die Erlöse zu nutzen, um bis zu 350 Millionen Dollar an Terminkrediten vorzeitig zurückzuzahlen und für allgemeine Unternehmenszwecke. Darüber hinaus erwartet Jazz, bis zu 150 Millionen Dollar seiner Stammaktien zeitgleich mit der Emission zurückzukaufen. Die Anleihen werden unbesicherte Verbindlichkeiten sein, die durch Jazz Pharmaceuticals garantiert werden, und werden pari passu mit den bestehenden Anleihen von 2026 rangieren, jedoch nachrangig zu gesicherten Schulden.
- Raising $850 million through senior notes offering
- Option to increase offering by $150 million
- Prepayment of up to $350 million in term loans
- Potential share repurchase of up to $150 million
- Increase in debt obligations
- Potential dilution for shareholders if notes are exchanged for shares
- Subordination of new notes to existing secured debts
Insights
Jazz Pharmaceuticals' planned
The concurrent share repurchase may boost earnings per share but could limit financial flexibility. The option for additional
Jazz Pharmaceuticals' strategic moves reflect a balanced approach to capital structure optimization. The debt offering provides fresh capital while the share repurchase signals confidence in the company's valuation. This dual action aims to enhance shareholder value while maintaining financial flexibility.
The decision to repay
The notes will be exchangeable under certain conditions. The Issuer will settle exchanges by paying cash up to the aggregate principal amount of the notes to be exchanged. The remainder, if any, of the Issuer's exchange obligation in excess of the aggregate principal amount of the notes, will be settled in cash, ordinary shares of Jazz Pharmaceuticals ("ordinary shares") or a combination of cash and ordinary shares, at the Issuer's election. The interest rate, initial exchange rate and other terms of the notes will be determined at the time of pricing of the offering.
The notes will be general unsecured obligations of the Issuer and will accrue interest payable semiannually in arrears. The Issuer's obligations under the notes will be fully and unconditionally guaranteed on a senior unsecured basis by Jazz Pharmaceuticals; will rank pari passu in right of payment with the Issuer's existing
Jazz Pharmaceuticals, together with its consolidated subsidiaries ("Jazz"), expects to use a portion of the net proceeds to prepay up to approximately
Jazz Pharmaceuticals also expects to repurchase up to
None of the notes, the guarantee or the ordinary shares issuable upon exchange of the notes, if any, have been registered under the Securities Act or the securities laws of any other jurisdiction, and, unless so registered, may not be offered or sold in
This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Jazz Pharmaceuticals
Jazz Pharmaceuticals plc (Nasdaq: JAZZ) is a global biopharma company whose purpose is to innovate to transform the lives of patients and their families. We are dedicated to developing life-changing medicines for people with serious diseases — often with limited or no therapeutic options. We have a diverse portfolio of marketed medicines, including leading therapies for sleep disorders and epilepsy, and a growing portfolio of cancer treatments. Our patient-focused and science-driven approach powers pioneering research and development advancements across our robust pipeline of innovative therapeutics in oncology and neuroscience. Jazz is headquartered in
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, statements related to the offering and the proposed terms of the notes; the expected use of the net proceeds from the offering, including any prepayment of the term loans outstanding under the credit agreement; the timing and amount of the concurrent ordinary share repurchases and the potential impacts thereof; and other statements that are not historical facts. These forward-looking statements are based on Jazz Pharmaceuticals' current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties. Do not place undue reliance on these forward-looking statements, which speak only as of the date hereof. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with market risks, trends and conditions, and Jazz Pharmaceuticals' ability to complete the offering and the concurrent ordinary share repurchases on the proposed terms and timing. These and other risks and uncertainties affecting Jazz Pharmaceuticals, including those described from time to time under the caption "Risk Factors" and elsewhere in Jazz Pharmaceuticals' Securities and Exchange Commission filings and reports, including Jazz Pharmaceuticals' Annual Report on Form 10-K for the year ended December 31, 2023, as supplemented by its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, and any future filings and reports by Jazz Pharmaceuticals. Other risks and uncertainties of which Jazz Pharmaceuticals is not currently aware may also affect Jazz Pharmaceuticals' forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. The forward-looking statements herein are made only as of the date hereof or as of the dates indicated in the forward-looking statements, even if they are subsequently made available by Jazz Pharmaceuticals on its website or otherwise. Jazz Pharmaceuticals undertakes no obligation to update or supplement any forward-looking statements to reflect actual results due to any new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.
Contacts:
Media:
Kristin Bhavnani
Head of Global Corporate Communications
Jazz Pharmaceuticals plc
CorporateAffairsMediaInfo@jazzpharma.com
Investors:
Andrea N. Flynn, Ph.D.
Vice President, Head, Investor Relations
Jazz Pharmaceuticals plc
investorinfo@jazzpharma.com
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SOURCE Jazz Pharmaceuticals plc
FAQ
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