Harrow Inc. Secures $250 Million in Senior Unsecured Notes
Harrow Inc. Announces $250 Million Offering
Harrow Inc. (NASDAQ: HROW), a prominent provider in ophthalmic disease management, has recently made a significant move by pricing its private offering of $250 million in senior unsecured notes. These notes, named the 2030 Notes, carry an interest rate of 8.625% and are set to mature in 2030. Harrow aims to bolster its financial positioning with this offering, which is scheduled to close soon, pending the fulfillment of customary conditions.
Details of the Offering
The 2030 Notes will be guaranteed by Harrow's future and existing wholly-owned subsidiaries, reinforcing the company’s commitment to securing its debt obligations. Interest payments on these notes are structured to occur semi-annually, starting March 15, 2026. The pricing is anchored at 100% of the principal amount, allowing investors confidence in the security of their investment.
Utilization of Proceeds
Harrow plans to responsibly utilize the net proceeds from this offering primarily to settle existing debts. This includes a $107.5 million facility with Oaktree Fund Administration, the complete redemption of its 2026 and 2027 notes, aggregating $115.25 million. Any excess funds are earmarked for general corporate purposes, potentially directing financing towards new strategic business development initiatives and investments that align with Harrow’s growth trajectory.
Company Overview
Harrow Inc. is at the forefront of ophthalmic care with a wide range of products aimed at treating various eye conditions, including dry eye disease and age-related macular degeneration. The company prides itself on delivering effective, affordable medications that improve patient compliance and outcomes, reinforcing its mission to enhance quality of life through eye care solutions.
Investor Relations Contact
For inquiries or more detailed information, investors can reach out to Mike Biega, the Vice President of Investor Relations and Communications at Harrow. He is available via email at mbiega@harrowinc.com or by phone at 617-913-8890. He will be pleased to assist with any questions regarding the offering or company strategies.
Frequently Asked Questions
What are the 2030 Notes?
The 2030 Notes are the senior unsecured notes that Harrow Inc. is offering, which bear an interest rate of 8.625% and mature in 2030.
How will Harrow use the proceeds from the offering?
The proceeds will primarily be used to repay existing debt and potentially fund strategic business opportunities.
Who can participate in the offering?
The offering is aimed at qualified institutional buyers, complying with specific regulations to ensure proper investor qualifications.
What is Harrow's mission?
Harrow Inc. is committed to providing safe, effective, and accessible ophthalmic disease management solutions to improve clinical outcomes.
How can investors get in touch with Harrow?
Investors can contact Mike Biega at Harrow via email at mbiega@harrowinc.com or call 617-913-8890 for investor relations inquiries.
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