Horizon Pharma offers $300 million seven-year exchangeables at 2.25%-2.75%, up 27.5%-32.5%

By Rebecca Melvin

New York, March 4 – Horizon Pharma Investment Ltd., a wholly owned subsidiary of Horizon Pharma plc, plans to price $300 million exchangeable senior notes after the market close Thursday that were talked to yield 2.25% to 2.75% with an initial conversion premium of 27.5% to 32.5%, according to market sources.

The Rule 144A deal has a $45 million greenshoe and was being sold via Morgan Stanley & Co. Ltd., Jefferies & Co., Cowen & Co., UBS Investment Bank and Guggenheim Securities.

The bonds are non-callable until March 20, 2019 and then are provisionally callable if shares exceed 130% of the conversion price.

Proceeds will be used to fund general corporate purposes and future acquisitions or investments in complementary businesses and products or product candidates.

Dublin, Ireland-based Horizon Pharma is a specialty pharmaceutical company.

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