The offering, conducted through the subsidiary Jazz Investments I Limited, represents an increase from the initial $1 billion target. Investors have been granted a 13-day window to purchase an additional $150 million in notes. The securities, which carry an initial exchange price of approximately $355.24 per share, reflect a 42.5% premium over the company’s closing price on August 26, 2026.
Jazz Pharmaceuticals Prices $1.1 Billion Debt Offering
Jazz Pharmaceuticals has upsized its private offering of exchangeable senior notes to $1.1 billion, setting a 1.875% interest rate for the debt due in 2032. The biopharma company simultaneously launched a $225 million share repurchase program, utilizing current cash reserves to buy back stock at $249.29 per share.
Proceeds from the issuance will support general corporate activities. Management intends to execute the concurrent share repurchases using existing liquidity, a move that will draw down the remaining authorization from the company's July 2024 buyback program. The notes are expected to reach the market by August 31, 2026, subject to standard closing conditions.
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