Published on 7/7/2020 in the Prospect News Emerging Markets Daily.
New Issue: Jordan’s Hikma prices $500 million of 3¼% notes due 2025 at 98.862
By Sarah Lizee
Olympia, Wash., July 7 – Hikma Pharmaceuticals plc subsidiary Hikma Finance USA LLC priced $500 million of 3¼% guaranteed notes due July 9, 2025 (expected: Ba1/BBB-) at 98.862 on Tuesday, according to a notice.
Joint lead managers and joint bookrunners for the notes are Citigroup, HSBC, BofA Securities and Mizuho Securities, with Citigroup and HSBC as joint global coordinators.
Proceeds will be used for general corporate purposes.
The notes are guaranteed by Hikma Pharmaceuticals, Al Jazeerah Pharmaceutical Industries Ltd., Arab Pharmaceutical Manufacturing PSC, Eurohealth (U.S.A.) Inc., Hikma Farmaceutica (Portugal) SA, Hikma Labs Inc., Hikma Pharma SAE, Hikma Pharmaceuticals International Ltd., Hikma Pharmaceuticals LLC, Hikma Pharmaceuticals USA Inc., Hikma Specialty USA Inc. and West-Ward Columbus Inc.
The pharmaceutical company is based in Amman, Jordan.
| Issuer: | Hikma Finance USA LLC
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| Guarantors: | Hikma Pharmaceuticals plc, Al Jazeerah Pharmaceutical Industries Ltd., Arab Pharmaceutical Manufacturing PSC, Eurohealth (U.S.A.) Inc., Hikma Farmaceutica (Portugal) SA, Hikma Labs Inc., Hikma Pharma SAE, Hikma Pharmaceuticals International Ltd., Hikma Pharmaceuticals LLC, Hikma Pharmaceuticals USA Inc., Hikma Specialty USA Inc. and West-Ward Columbus Inc.
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| Issue: | Guaranteed notes
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| Amount: | $500 million
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| Maturity: | July 9, 2025
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| Bookrunners: | Citigroup, HSBC, BofA Securities and Mizuho Securities
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| Coupon: | 3¼%
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| Price: | 98.862
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| Put: | In whole at par plus accrued interest upon change of control
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| Pricing date: | July 7
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| Settlement date: | July 9
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| Expected ratings: | Moody’s: Ba1
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| S&P: BBB-
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