Jazz Prices $1B 3.125% Exchangeable Notes Due 2030, Preps $500M Loan Repayment & $150M Buyback

Jazz Pharmaceuticals plc

$1.0B aggregate principal of 3.125% exchangeable senior notes due 2030, including $150M overallotment exercised.
Initial exchange price ~$153.05 per share, a ~40% premium over Sept 3 closing price of $109.32.
Net proceeds ~$981M; ~$500M to prepay term loans under credit agreement, remainder for general corporate.
Concurrent $150M share repurchase from note purchasers at $109.32/share, reducing remaining buyback authority.
Transaction closed Sept 6, 2024; notes guaranteed by Jazz on senior unsecured basis.

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