04:16 AM EDT, 09/04/2024 (MT Newswires) -- Jazz Pharmaceuticals ( JAZZ ) said Wednesday its Jazz Investments I subsidiary priced $850 million of 3.125% exchangeable senior unsecured notes due 2030 in a private offering.

The company granted the initial purchasers a 13-day option to buy up to an additional $150 million of notes. The sale is expected to close on Friday.

The initial exchange rate for the notes will be 6.5339 ordinary shares per $1,000 of notes, equivalent to an initial exchange price of about $153.05 per share.

Jazz said it plans to use a portion of the net proceeds to prepay up to about $350 million of term loans outstanding under its credit agreement and the rest for general corporate purposes.

Along with the pricing of the offering, the company repurchased about $150 million of its ordinary shares from purchasers of the notes in private transactions under its share repurchase program at $109.32 per share using cash on hand.

Price: 109.25, Change: -0.07, Percent Change: -0.06