Horizon Pharma pays down term loans, plans to repay 6 5/8% notes

By Sarah Lizee

Olympia, Wash., March 18 – Horizon Pharma plc is paying down about $550 million of its $1,993,000,000 total debt using proceeds from a public offering of ordinary shares and cash on hand, according to an 8-K filing with the Securities and Exchange Commission.

The public offering closed on March 11 and brought in net proceeds of about $326.8 million.

On Monday, wholly owned subsidiary Horizon Pharma USA, Inc. completed a repayment of $300 million of the outstanding principal amount of term loans under its credit agreement with Citibank, NA as administrative agent.

Following this repayment, the outstanding principal balance of term loans under the company’s credit agreement is $518 million.

The company also plans to repay $250 million of its 6 5/8% senior notes due 2023 during the second quarter of 2019.

Horizon Pharma is a Dublin-based biopharmaceutical company.

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