Avadel to swap $96.2 million 4.5% notes due 2023 for 6% notes due 2027

By Marisa Wong

Los Angeles, March 30 – Avadel Pharmaceuticals plc’s indirect wholly owned subsidiary Avadel Finance Cayman Ltd. entered into separate privately negotiated exchange agreements on March 29 with some holders of its outstanding 4.5% exchangeable senior notes due Oct. 2, 2023, according to an 8-K filing with the Securities and Exchange Commission.

The issuer will exchange about $96.2 million principal amount of the 2023 notes for an aggregate principal amount of new 6% exchangeable senior notes due April 1, 2027 that will be determined under the terms of the exchange agreements.

Following the exchanges, about $21.2 million of the 2023 notes will remain outstanding with terms unchanged. The exchange transactions are expected to close on or after April 3.

Avadel is a Dublin-based specialty pharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.