Jazz Pharmaceuticals Announces Completion of Refinancing of its 15% Senior Secured Notes Due June 2011 With Closing of $50 Million Term Loan Due June 2013
6/30/2010 2:55:00 PM Client News
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June 30, 2010 Client News- Existing $15 million revolving line of credit also refinanced to extend maturity to June 2013
- Refinancing expected to be accretive to 2010 adjusted net income per share
PALO ALTO, Calif., June 30, 2010 /PRNewswire via COMTEX/ --
Jazz Pharmaceuticals, Inc. (Nasdaq: JAZZ) today announced that it has prepaid the remaining $63.5 million principal amount of its 15% senior secured notes. The prepayment was made using a combination of borrowings under a new term loan and revolving credit facility with Silicon Valley Bank that closed on June 30, 2010 and cash on hand. The $50 million term loan will amortize in twelve equal quarterly installments of $4.2 million. The revolving credit facility provides for borrowings of up to $8 million until January 1, 2011 and up to $15 million thereafter.
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Bob Hartinger, Managing Director Corporate Finance, Silicon Valley Bank, said "Our history with Jazz Pharmaceuticals allowed us to do what Silicon Valley Bank Corporate Finance Division does best: apply our knowledge of the unique needs of the Life Sciences and Pharmaceutical industry to structure a transaction to meet Jazz Pharmaceuticals' specific needs. We've worked with Jazz Pharmaceuticals for years, and value our ongoing relationship, which continues to evolve through each stage of their successful development."
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- Existing $15 million revolving line of credit also refinanced to extend maturity to June 2013
- Refinancing expected to be accretive to 2010 adjusted net income per share
PALO ALTO, Calif., June 30, 2010 /PRNewswire via COMTEX/ --
Jazz Pharmaceuticals, Inc. (Nasdaq: JAZZ) today announced that it has prepaid the remaining $63.5 million principal amount of its 15% senior secured notes. The prepayment was made using a combination of borrowings under a new term loan and revolving credit facility with Silicon Valley Bank that closed on June 30, 2010 and cash on hand. The $50 million term loan will amortize in twelve equal quarterly installments of $4.2 million. The revolving credit facility provides for borrowings of up to $8 million until January 1, 2011 and up to $15 million thereafter.
-------
Bob Hartinger, Managing Director Corporate Finance, Silicon Valley Bank, said "Our history with Jazz Pharmaceuticals allowed us to do what Silicon Valley Bank Corporate Finance Division does best: apply our knowledge of the unique needs of the Life Sciences and Pharmaceutical industry to structure a transaction to meet Jazz Pharmaceuticals' specific needs. We've worked with Jazz Pharmaceuticals for years, and value our ongoing relationship, which continues to evolve through each stage of their successful development."
Read the full Press Release