Theravance sells $400 million; Cassavant gets $92.2 million facility

By Devika Patel

Knoxville, Tenn., March 2 – The week opened with moderate activity in the private placement market, with two deals announced.

Dublin-based Theravance Biopharma Inc., a biopharmaceutical company, said its subsidiary Triple Royalty Sub II LLC sold $400 million of 9.5% notes due 2035, and Phoenix-based Cassavant Holdings LLC, a manufacturer of critical components for the aerospace and defense industry, reported that it negotiated a $92.2 million senior secured credit facility with Comvest Credit Partners.

Theravance wraps notes

Theravance reported that a subsidiary completed a $400 million private placement of 9.5% term notes due June 5, 2035.

The notes are secured by a portion of the future payments the company expects to receive related to royalties due on net sales of Trelegy Ellipta.

Cowen and Co., LLC was the agent.

Proceeds were used to repay in full the remaining balance of the $250 million 9% fixed-rate term notes due 2033 and will also be used to support continued execution of the company’s key development programs.

The notes may be called after two years, in whole or in part, with a premium.

Cassavant taps market

Cassavant arranged a $92.2 million senior secured credit facility with Comvest Credit Partners.

Proceeds were used to fund an acquisition by Gallant Capital Partners and refinance existing debt.

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