Harrow Inc. (HROW), a provider of ophthalmic disease management solutions, Monday announced that it has launched a private offering of $250 million of senior unsecured notes due 2030.
The company intends to use the proceeds from the offering to repay its $107.5 million facility with Oaktree Fund Administration, LLC; to redeem $75 million of its 8.625% senior notes, and $40.25 million of its 11.875% senior notes; and to pay some of the exit costs associated with it. Any remaining proceeds are expected to be used for general corporate purposes.
Harrow also said that on September 5, it entered into a commitment letter with Fifth Third Bank, National Association regarding a new revolving credit facility.
Under the terms of the commitment letter, shortly after the issuance of the 2030 notes, the company and the same subsidiaries that are expected to guarantee the 2030 notes, plan to enter into a new senior secured credit agreement, for providing up to $40 million revolving credit facility.
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