Orexo has successfully issued senior unsecured callable floating rate bonds
Orexo AB has successfully issued senior unsecured callable floating rate bonds worth SEK 500 million, oversubscribed under a SEK 1,000 million framework, maturing in February 2025. These bonds carry a floating interest rate of 3-month Stibor + 375bps per annum and received strong interest from institutional investors. The funds will facilitate the repurchase of existing bonds totaling SEK 77.4 million and early redemption of SEK 148.5 million. This signals investor confidence in Orexo's growth strategy in developing its pipeline and digital therapeutics.
- Bond issue oversubscribed, indicating strong investor interest.
- Funds will be used to repurchase existing bonds, enhancing financial stability.
- Support for Orexo's pipeline and digital therapeutics growth strategy.
- None.
UPPSALA, Sweden, Feb. 4, 2021 /PRNewswire/ -- Orexo AB (publ.), ("Orexo" or the "Company") (STO:ORX) (OTCQX:ORXOY) has successfully issued senior unsecured callable floating rate bonds in the amount of SEK 500 million, under a framework of SEK 1,000 million with final maturity in February 2025 (the "New Bonds"). The New Bonds carry a floating rate interest of 3-month Stibor + 375bps per annum. The issue was well oversubscribed and received strong interest from both Nordic and international institutional investors.
As a result of the issue of the New Bonds, the Company will repurchase SEK 77.4 million of its outstanding senior unsecured callable floating rate bonds (ISIN: SE0010494450) (the "Existing Bonds"). The Company will call for early redemption of the residual amount of the Existing Bonds, SEK 148.5 million, in accordance with the terms and conditions of the Existing Bonds, additional information about this will be announced in a separate press release.
"We are very pleased with the strong interest from both current and new institutional investors in our new bond. The oversubscribed bond issue shows the confidence investors have in our ability to develop Orexo's pipeline and digital therapeutics business into a success, while maintaining a solid financial position. We are looking forward to accelerate the development of Orexo by leveraging the financial strength we gain from the new bond to capture market opportunities when they emerge to grow the company," says Nikolaj Sørensen, President and CEO of Orexo AB.
ABG Sundal Collier AB acted as financial advisor and sole bookrunner in the transaction and Gernandt & Danielsson Advokatbyrå KB acted as legal counsel.
For further information, please contact:
Orexo AB (publ.)
Nikolaj Sørensen, President and CEO | Joseph DeFeo, EVP and CFO | |
Tel: +46 (0)18 780 88 00 | Tel: +46 (0)18 780 88 00 | |
E-mail: ir@orexo.com | E-mail: ir@orexo.com | |
Lena Wange, IR & Communications Director | ||
Tel: +46 (0)18 780 88 00 | ||
E-mail: ir@orexo.com |
About Orexo
Orexo develops improved pharmaceuticals and digital therapies addressing unmet needs within the growing space of substance use disorders and mental health. The products are commercialized by Orexo in the US or via partners worldwide. The main market today is the American market for buprenorphine/naloxone products, where Orexo commercializes its lead product ZUBSOLV® for treatment of opioid use disorder. Total net sales for 2020 amounted to SEK 664 m and the number of employees was 138. Orexo is listed on the Nasdaq Stockholm Mid Cap (ORX) and is available as ADRs on OTCQX (ORXOY) in the US. The company is headquartered in Uppsala, Sweden, where research and development activities are performed.
For more information about Orexo please visit, www.orexo.com. You can also follow Orexo on Twitter, @orexoabpubl, LinkedIn and YouTube.
This information is information that Orexo AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 6 pm CET, February 4, 2021.
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SOURCE Orexo
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