Full Press Release Details
Announces Closing of $375 Million Five-Year Term Loan B
-- Provides additional
operational and financial flexibility --
strength of forecasted earnings and operating cash flow --
FL, December 9, 2021 - Pacira BioSciences, Inc.
(Nasdaq: PCRX), the industry leader in its commitment to non-opioid pain management and regenerative health solutions, today announced
the closing of a $375 million Senior Secured Term Loan B Facility.
successful debt offering provides further validation of the strength of our forecasted earnings and operating cash flow. This additional
capital should accelerate our near-term growth and support our long-term strategic initiatives. We remain confident in our five-year
plan to achieve robust revenue and earnings expansion," said Charles Reinhart, chief financial officer of Pacira BioSciences.
Proceeds of the Term
Loan B are expected to be used for general corporate purposes, to replenish a portion of company's funds that were used to pay
the purchase price and transaction costs of the acquisition of Flexion Therapeutics, Inc. and related transactions, and to repay
the remaining principal value of the company's 2.375% convertible senior notes due 2022.
placed with high-quality institutional lenders. JPMorgan Chase Bank, N.A. acted as bookrunner and lead arranger and Silver Point
Finance, LLC acted as syndication agent.
About Pacira BioSciences
BioSciences, Inc. (Nasdaq: PCRX) is committed to providing a non-opioid option to as many patients as possible to redefine the role
of opioids as rescue therapy only. The company is also developing innovative interventions to address debilitating conditions involving
the sympathetic nervous system, such as cardiac electrical storm, chronic pain, and spasticity. Pacira has three commercial-stage non-opioid
treatments: EXPAREL (bupivacaine liposome injectable suspension), a long-acting, local analgesia currently approved for postsurgical
pain management; ZILRETTA (triamcinolone acetonide extended-release injectable suspension), an extended-release, intra-articular,
injection indicated for the management of osteoarthritis knee pain, and iovera , a novel, handheld device for delivering immediate,
long-acting, drug-free pain control using precise, controlled doses of cold temperature to a targeted nerve To learn more about Pacira,
including the corporate mission to reduce overreliance on opioids, visit www.pacira.com.
this press release about Pacira's future expectations, plans, trends, outlook, projections and prospects, and other statements
containing the words "believes," "anticipates," "plans," "estimates," "expects,"
"intends," "may," "will," "would," "could," "can" and similar
expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including
statements about Pacira's growth and future operating results and trends, development of products, strategic alliances and intellectual
property. For this purpose, any statement that is not a statement of historical fact should be considered a forward-looking statement.
Pacira cannot assure you that its estimates, assumptions and expectations will prove to have been correct. These forward-looking statements
include, without limitation, statements related to the acquisition of Flexion and the costs and benefits thereof, Pacira's intended
use of proceeds from the Term Loan B, Pacira's strategy, plans, objectives, expectations (financial or otherwise) and intentions,
future financial results and growth potential, anticipated product portfolio, development programs, patent terms and other statements
that are not historical facts. Actual results may differ materially from those indicated by such forward-looking statements as a result
of various important factors, including risks relating to, among others: risks associated with acquisitions, such as the risk that
the businesses will not be integrated successfully, that such integration may be more difficult, time-consuming or costly than expected
or that the expected benefits of the transaction will not occur; the commercial success of ZILRETTA; risks related to future opportunities
and plans for Flexion and its products, including uncertainty of the expected financial performance of Flexion and its products; the
possibility that if Pacira does not achieve the perceived benefits of the Flexion acquisition as rapidly or to the extent anticipated
by financial analysts or investors, the market price of Pacira's shares could decline; the impact of the COVID-19 pandemic on elective
surgeries, our manufacturing and supply chain, global and U.S. economic conditions, and Pacira's business, including its revenues,
financial condition and results of operations; the success of Pacira's sales and manufacturing efforts in support of the commercialization
of EXPAREL, iovera and ZILRETTA; the rate and degree of market acceptance of EXPAREL, iovera and ZILRETTA; the size and growth
of the potential markets for EXPAREL, iovera and ZILRETTA and Pacira's ability to serve those markets; Pacira's plans
to expand the use of EXPAREL, iovera and ZILRETTA to additional indications and opportunities, and the timing and success of any
related clinical trials for EXPAREL, iovera and ZILRETTA; the related timing and success of United States Food and Drug Administration
supplemental New Drug Applications; our plans to evaluate, develop and pursue additional multivesicular liposome-based product candidates;
the approval of the commercialization of our products in other jurisdictions; clinical trials in support of an existing or potential
multivesicular liposome-based product; our commercialization and marketing capabilities and our ability to successfully construct an
additional EXPAREL manufacturing suite in San Diego, California; the outcome of any litigation; the ability to successfully integrate
any future acquisitions into Pacira's existing business, including Flexion; the recoverability of Pacira's deferred tax assets
and assumptions associated with contingent consideration payments; and factors discussed in the "Risk Factors" of Pacira's
most recent Annual Report on Form 10-K and in other filings that Pacira periodically makes with the Securities and Exchange Commission.
In addition, the forward-looking statements included in this press release represent Pacira's views as of the date of this press
release. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements,
and as such Pacira anticipates that subsequent events and developments will cause its views to change. However, while Pacira may elect
to update these forward-looking statements at some point in the future, Pacira specifically disclaims any obligation to do so, except
as required by law. These forward-looking statements should not be relied upon as representing Pacira's views as of any date subsequent
to the date of this press release.
Mesco, (973) 451-4030
Capone, (973) 588-2108