Forest Laboratories, Inc. Prices Offering of $1.8 Billion in Senior Notes
January 27 2014 - 6:05PM
Business Wire
Forest Laboratories, Inc. (NYSE:FRX) (“Forest Laboratories”)
today announced it priced a private placement offering $1.8 billion
aggregate principal amount of senior unsecured notes, comprised of
$1.05 billion aggregate principal amount of its 4.375% senior
unsecured notes due 2019 (the “2019 senior notes”) and $750 million
aggregate principal amount of its 4.875% senior unsecured notes due
2021 (the “2021 senior notes” and together with the 2019 senior
notes, the “notes”).
The 2019 senior notes will bear an interest rate of 4.375% per
annum and will be issued at a price of 100.000% of the aggregate
principal amount. The 2021 senior notes will bear an interest rate
of 4.875% per annum and will be issued at a price of 100.000% of
the aggregate principal amount. Forest Laboratories intends to use
the net proceeds from the offering of the notes, together with cash
on hand, to fund its previously announced proposed acquisition of
Aptalis. Forest Laboratories expects that the sale of the notes
will be completed, subject to customary closing conditions, on
January 31, 2014.
The notes will be sold in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities Act
of 1933, as amended (the "Securities Act"), and outside the United
States pursuant to Regulation S under the Securities Act. The notes
have not been registered under the Securities Act or any state
securities law, and may not be offered or sold in the United States
absent registration or an applicable exemption from
registration.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the notes, nor shall it constitute
an offer, solicitation or sale in any jurisdiction in which, or to
any person to whom, such offer, solicitation or sale is unlawful.
Any offers of the notes will be made only by means of a private
offering memorandum.
About Forest Laboratories and Its Products
Forest Laboratories (NYSE:FRX) is a leading, fully integrated,
specialty pharmaceutical company largely focused on the United
States market. The Company markets a portfolio of branded drug
products and develops new medicines to treat patients suffering
from diseases principally in five therapeutic areas: central
nervous system, cardiovascular, gastrointestinal, respiratory, and
anti-infective. Our strategy of acquiring product rights for
development and commercialization through licensing, collaborative
partnerships and targeted mergers and acquisitions allows us to
take advantage of attractive late-stage development and commercial
opportunities, thereby managing the risks inherent in drug
development. The Company is headquartered in New York, NY.
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements involve a number of risks and uncertainties,
including the difficulty of predicting FDA approvals, the
acceptance and demand for new pharmaceutical products, the impact
of competitive products and pricing, the timely development and
launch of new products, and the risk factors listed from time to
time in Forest Laboratories’ Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and any subsequent SEC filings. Forest assumes
no obligation to update forward-looking statements contained in
this release to reflect new information or future events or
developments.
Forest Laboratories, Inc.INVESTORS:Frank J. Murdolo,
1-212-224-6714Vice President – Investor RelationsorMEDIA:Amanda
KaufmanSenior Manager - Corporate Communications and Media
Relationsamanda.kaufman@frx.com
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