Citigroup, Cowen Arrange Financing for Horizon Acquisition
Horizon Pharma announced it has entered into an agreement with a group of lenders to provide Horizon with $300 million in financing through a five year senior secured credit facility. Horizon said Citigroup Global Markets and Cowen and Company, and their respective affiliates are acting as joint lead arrangers and initial lenders to Horizon for the financing.
Funding is expected to occur coincident with the closing of the proposed acquisition of Vidara Therapeutics International. Horizon said this agreement replaces the $250 million bridge loan commitment received from Deerfield Management Company, which the company announced on March 19, 2014.
The company intends to use proceeds to effect the proposed acquisition of Vidara, pay related transaction fees and expenses and for general corporate purposes.