Jazz to raise $500M in notes

Jazz Pharmaceuticals plc (NASDAQ:JAZZ) announced after market close that it plans to raise $500 million from the sale of exchangeable senior notes to institutional investors. The senior notes are due in 2021 and are exchangeable for cash or shares. Initial investors will be offered the option to purchase up to an additional $75 million in exchangeable notes. Jazz intends to use a portion of the funds to repay outstanding debt.

On Tuesday, Jazz reported 2Q14 EPS of $2.05 that beat the Street's estimate of $1.92. The company also reported a 40% increase in 2Q14 revenues to $291.2M, driven by sales of CNS drug Xyrem sodium oxybate, leukemia drug Erwinaze asparaginase Erwinia chrysanthemi, and immunosuppressant Defitelio defibrotide. ...