Ironwood Pharmaceuticals, Inc. Completes the Issuance and Sale of $150,000,000 in Aggregate Principal Amount of 8.375% Notes Due 2026
January 05, 2017 at 04:06 pm
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Ironwood Pharmaceuticals, Inc. completed the issuance and sale to, and purchase by, the purchasers, of $150,000,000 in aggregate principal amount of 8.375% Notes due 2026. The Notes were issued and sold in connection with the direct private placement previously announced by the company on September 26, 2016 and are governed by the indenture, dated September 23, 2016, by and between the company and U.S. Bank National Association, as trustee. On the Funding Date, the proceeds from the issuance of the Notes were used to redeem the outstanding approximately $134 million in principal amount of the company's Linaclotide PhaRMASM 11% Notes due 2024, which were issued pursuant to the indenture, dated January 4, 2013, by and between the Company and U.S. Bank National Association, as trustee and operating bank. The PhaRMA Notes were redeemed at a redemption price equal to 100% of the outstanding principal balance of such PhaRMA Notes. In addition, the Company paid accrued and unpaid interest on the PhaRMA Notes to, but excluding, the Funding Date. As a result, the Company's obligations under the Indenture have been discharged.
Ironwood Pharmaceuticals, Inc. is a gastrointestinal (GI) healthcare company engaged in advancing the treatment of GI diseases and redefining the standard of care for GI patients. It is engaged in the development of LINZESS (linaclotide) for adults with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). Linaclotide is also approved for the treatment of functional constipation in pediatric patients ages 6-17 years old. It is advancing apraglutide, a long-acting synthetic glucagon-like peptide-2 (GLP-2) analog being developed for rare gastrointestinal diseases, including short bowel syndrome with intestinal failure (SBS-IF) as well as several earlier stage assets. It is advancing IW-3300, a GC-C agonist, for the potential treatment of visceral pain conditions, such as interstitial cystitis/bladder pain syndrome (IC/BPS), and endometriosis. It is also developing CNP-104 for the treatment of PBC, a rare autoimmune disease targeting the liver.