Mylan Strengthens Its Capital Structure by Extending Its Debt Maturities with a Successful $1.5 Billion Bond Offering
Published: Apr 06, 2018
HERTFORDSHIRE, England and PITTSBURGH, April 6, 2018 /PRNewswire/ -- Global pharmaceutical company Mylan N.V. (NASDAQ: MYL) today announced the pricing of a private offering of $1.5 billion aggregate principal amount of senior notes on March 28, 2018, comprised of:
- $750 million aggregate principal amount of 4.550% Senior Notes due 2028; and
- $750 million aggregate principal amount of 5.200% Senior Notes due 2048 (collectively, the "Notes").
The Notes will be issued by Mylan Inc. and guaranteed by Mylan N.V., and Mylan intends to use the net proceeds from the offering to redeem $1.5 billion aggregate principal amount of outstanding notes due in 2018 and 2019. Mylan also intends to repay €500 million aggregate principal amount of notes due in November 2018 at maturity. Closing of the offering is expected on April 9, 2018.
Mylan CFO Ken Parks commented, "Given the stable and durable cash flow generation from our global diversified platform, we decided to proactively execute on this bond offering, further strengthening our capital structure and increasing our financial flexibility as we continue to execute on our business plan for 2018 and beyond. As a result, we remain committed to deleveraging and to maintaining an investment grade credit rating."
The Notes will be sold only to qualified institutional buyers in the United States in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. The issuance of the Notes will not be registered under the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of securities mentioned in this press release in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Mylan is a global pharmaceutical company committed to setting new standards in healthcare. Working together around the world to provide 7 billion people access to high quality medicine, we innovate to satisfy unmet needs; make reliability and service excellence a habit; do what's right, not what's easy; and impact the future through passionate global leadership. We offer a growing portfolio of more than 7,500 marketed products around the world, including antiretroviral therapies on which more than 40% of people being treated for HIV/AIDS globally depend. We market our products in more than 165 countries and territories. We are one of the world's largest producers of active pharmaceutical ingredients. Every member of our approximately 35,000-strong workforce is dedicated to creating better health for a better world, one person at a time. Learn more at Mylan.com. We routinely post information that may be important to investors, including with respect to the redemption of certain outstanding notes due in 2018 and 2019, on our website at investor.mylan.com.
This press release includes statements that constitute "forward-looking statements", including with regard to: the completion of the offering; Mylan intending to use the net proceeds from the offering to redeem $1.5 billion aggregate principal amount of outstanding notes due in 2018 and 2019; Mylan also intending to repay €500 million aggregate principal amount of notes due in November 2018 at maturity; that given the stable and durable cash flow generation from Mylan's global diversified platform, we decided to proactively execute on this bond offering, further strengthening our capital structure and increasing our financial flexibility as we continue to execute on our business plan for 2018 and beyond; and that Mylan remains committed to deleveraging and to maintaining an investment grade credit rating. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: failure to consummate the offering of Notes, the redemptions or the repayment of outstanding bonds at maturity, which are subject to a number of conditions, some of which are beyond Mylan's control; success of clinical trials and our or our partners' ability to execute on new product opportunities; any regulatory, legal or other impediments to our or our partners' ability to bring products to market; other risks inherent in product development; the scope, timing, and outcome of any ongoing legal proceedings, including government investigations, and the impact of any such proceedings on our or our partners' businesses; actions and decisions of healthcare and pharmaceutical regulators, and changes in healthcare and pharmaceutical laws and regulations, in the United States and abroad; the impact of competition; strategies by competitors or other third parties to delay or prevent product introductions; the effect of any changes in our or our partners' customer and supplier relationships and customer purchasing patterns; any other changes in third-party relationships; changes in the economic and financial conditions of the businesses of Mylan or its partners; uncertainties and matters beyond the control of management; and the other risks detailed in Mylan's filings with the Securities and Exchange Commission. Mylan undertakes no obligation to update these statements for revisions or changes after the date of this release.
CONTACT: Christine Waller (Media), 724.514.1968; Melissa Trombetta (Investors), 724.514.1813
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SOURCE Mylan N.V.
Company Codes: NASDAQ-NMS:MYL, TelAviv:MYL