Nashville-based Harrow Health has raised approximately $66 million through debt and preferred stock sales, padding the ophthalmic health care companyâs pockets for future growth initiatives.
Company leaders earlier this week raised $10.7 million via the private sale of 440,000 preferred shares to B Riley Securities, a Los Angeles-based financial advisory firm that has locations in Nashville and Franklin. Harrow executives also added $5 million to a $50 million sale of senior debt due in 2026 with an interest rate of 8.625 percent.Â
The funding will be used to fund future strategic product acquisitions and related investments, making capital expenditures and funding working capital, according to company filings.Â
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Harrow Health Announces Closing of $50 Million Offering of Senior Notes Due 2026
NASHVILLE, Tenn., April 20, 2021 (GLOBE NEWSWIRE) Harrow Health, Inc. (NASDAQ: HROW) (“Harrow Health” or the “Company”), an ophthalmic-focused healthcare company, today announced the closing of its underwritten registered public offering of $50 million aggregate principal amount of 8.625% senior notes due 2026 (the “Notes”). The Company has granted the underwriters a 30-day option to purchase an additional $5.0 million aggregate principal amount of Notes in connection with the offering.
Harrow Health and this issuance of notes both received a rating of “BB” from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. The Notes are expected to begin trading on Nasdaq under the symbol “HROWL” following the closing date of this offering.
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