PALO ALTO, Calif., July 7, 2009 /PRNewswire-FirstCall/ -- Jazz Pharmaceuticals, Inc. (Nasdaq: JAZZ) today announced that it has paid to the holders of its senior secured notes the interest payments that were due, but not paid, on December 31, 2008, March 31, 2009 and June 30, 2009, for a total payment of approximately $14.6 million. The $119.5 million principal amount of the notes is due in June 2011. Jazz Pharmaceuticals also announced today that it has delivered to the holders of the notes financial statements for the quarter ended June 30, 2009, which indicate that Jazz Pharmaceuticals had achieved as of June 30, 2009 net product sales at the level required to suspend its prior obligation to maintain a minimum cash balance in an account that is pledged to the collateral agent for the notes. The requirement to maintain the account was triggered in May 2009, and Jazz Pharmaceuticals did not, at that time, establish the required account.
Jazz Pharmaceuticals believes that it has cured all material defaults under the agreement governing the notes, and that it will be able to comply with the agreement on an ongoing basis, including payment of future interest payments when due and repayment of the principal amount of the notes when due in June 2011.
About Jazz Pharmaceuticals, Inc.
Jazz Pharmaceuticals is a specialty pharmaceutical company that identifies, develops and commercializes innovative treatments for important, underserved markets in neurology and psychiatry. For further information, please see www.jazzpharmaceuticals.com.
Jazz Pharmaceuticals "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements, including statements related to Jazz Pharmaceuticals' belief that it has cured all material defaults under the agreement governing the notes and that it will be able to comply with the agreement on an ongoing basis. These forward-looking statements are based on Jazz Pharmaceuticals' current expectations and belief and inherently involve significant risks and uncertainties. Jazz Pharmaceuticals' actual results could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks that the holders of the notes may not agree that all material defaults under the agreement governing the notes have been cured, risks that the holders of the notes may attempt to accelerate the notes and declare all of the notes to be immediately due and payable, in which event Jazz Pharmaceuticals could be required to seek protection under the provisions of the U.S. Bankruptcy Code, and risks related to Jazz Pharmaceuticals' future financial performance and financial position. These and other risk factors are discussed under "Risk Factors" in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2009 filed by Jazz Pharmaceuticals with the Securities and Exchange Commission on May 7, 2009 and in Item 8.01 of a Current Report on Form 8-K to be filed by Jazz Pharmaceuticals with the Securities and Exchange Commission on July 7, 2009. Jazz Pharmaceuticals undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
Contact at Jazz Pharmaceuticals: Willie Quinn, Executive Director, Corporate Development of Jazz Pharmaceuticals, Inc. +1-650-496-2800 firstname.lastname@example.org BCC Partners on behalf of Jazz Pharmaceuticals, Inc. Karen L. Bergman, 650-575-1509 Michelle Corral, 415-794-8662
|SOURCE Jazz Pharmaceuticals, Inc.|
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