Ropes & Gray Advises Ironwood on $150 Million Debt Refinancing
Ropes & Gray represented Ironwood Pharmaceuticals, Inc. in the completion of a $150 million debt refinancing, announced Sept. 26. Issuance of the new 8.375 percent notes is subject to full redemption of Ironwood’s existing Linaclotide PhaRMA 11 percent notes due 2024. The principal balance on the existing PhaRMA notes upon announcement of the transaction was approximately $143 million.
Headquartered in Cambridge, Mass., Ironwood is a commercial biotechnology company that is advancing a pipeline of innovative medicines in areas of significant unmet need, including irritable bowel syndrome with constipation/chronic idiopathic constipation, uncontrolled gout, refractory gastroesophageal reflux disease, and vascular and fibrotic diseases.