Horizon Pharma USA gets $200 million of new revolving commitments

By Sarah Lizee

Olympia, Wash., March 11 – Horizon Pharma plc subsidiary Horizon Pharma USA, Inc. received $200 million of revolving commitments on Monday under an amendment made to its credit agreement with Citibank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The new incremental revolving facility includes a $50 million letter-of-credit sub-facility and will terminate in March 2024.

Interest is Libor plus 300 basis points with a step down to 275 bps if the company’s ratio of consolidated total debt to consolidated EBITDA is less than or equal to 3.5 to 1.0.

Borrowings are available for general corporate purposes.

Citibank, Morgan Stanley Senior Funding, Inc. and Goldman Sachs Bank USA were joint bookrunners and joint lead arrangers for the latest amendment. Citigroup Global Markets Inc. and Jefferies Finance LLC were co-syndication agents and co-documentation agents.

Horizon Pharma is a Dublin-based biopharmaceutical company.

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