Harmony Biosciences, a pharmaceutical company that develops and commercializes therapies for patients with rare neurological diseases, entered into a new $185 million senior secured term loan facility with a bank syndicate. JPMorgan Chase Bank is serving as administrative agent and also acted as bookrunner and lead arranger for the term loan facility.
Harmony intends to use the net proceeds from the term loan and existing cash to repay the company’s existing debt of $196.5 million and related fees and expenses.
“This financing further strengthens our balance sheet, provides greater financial flexibility and reduces our annual interest expense and overall cost of capital,” Jeffrey M. Dayno, M.D., president and CEO of Harmony Biosciences, said. “Our cash generation and profitability, along with our outlook for growth, made this financing possible. Harmony’s business is strong, continues to be a growth story, and we look forward to working with J.P. Morgan and this banking syndicate to advance our growth strategy.”
