Horizon Pharma plans to launch new loan deal on Thursday

By Sara Rosenberg

New York, Oct. 11 – Horizon Pharma plc is scheduled to hold a lender meeting on Thursday to launch a new loan deal, according to a market source.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Jefferies Finance LLC, Citigroup Global Markets Inc. and Cowen and Co. are the leads on the transaction, with Bank of America the left lead.

The company disclosed last month that it received a commitment for a $675 million senior secured covenant-light incremental term loan to help fund its acquisition of Raptor Pharmaceutical Corp. for $9.00 per share in cash, for an implied fully diluted equity value of about $800 million.

Closing on the acquisition is expected in the fourth quarter, subject to the satisfaction of customary conditions and regulatory approvals, including antitrust approval in the United States.

Horizon Pharma is a Dublin, Ireland-based biopharmaceutical company. Raptor is a Novato, Calif.-based biopharmaceutical company.

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