Harrow Announces Pricing of $50.0 Million Offering of Senior Unsecured Notes Due 2030

Harrow (Nasdaq: HROW) priced a private offering of $50.0 million aggregate principal amount of 8.625% senior unsecured notes due September 15, 2030.

Rhea-AI Summary

Harrow (Nasdaq: HROW) priced a private offering of $50.0 million aggregate principal amount of 8.625% senior unsecured notes due September 15, 2030. The notes will be issued at 100.25% and treated as a single series with an existing $250.0 million 2030 note issue.

The offering is expected to close on March 27, 2026, interest accrues from March 15, 2026, and net proceeds are for general corporate purposes including product development and growth initiatives.

Positive

• $50.0M incremental financing secured
• Issued at 100.25%, providing slight premium proceeds
• Fixed 8.625% coupon locked until 2030
• Notes treated as a single series with existing 2030 notes

Negative

• Adds 8.625% annual interest expense through 2030
• Incremental debt increases leverage and cash interest obligations
• Offering limited to qualified institutional buyers or non‑U.S. persons

Argus Mar 25 session

+3.27% close to close Open Argus

Details

News Market Reaction – HROW

On Mar 25, the first trading day after this news, HROW closed 3.27% above the previous close.

Data tracked by StockTitan Argus for the Mar 25 session.

Key Figures

New 2030 Notes size: $50.0M Coupon rate: 8.625% Existing 2030 Notes: $250,000,000 +5 more

New 2030 Notes size

$50.0M

Aggregate principal amount of new 8.625% senior unsecured notes due 2030

Coupon rate

8.625%

Annual interest rate on 2030 Notes, payable in cash

Existing 2030 Notes

$250,000,000

Aggregate principal amount of 2030 Notes issued on Sep 12, 2025

Offering price

100.25%

Issue price of new $50.0M 2030 Notes plus accrued interest

Maturity date

September 15, 2030

Scheduled maturity of the 2030 Notes

Interest start date

March 15, 2026

Date from which interest on new 2030 Notes is deemed accrued

First payment

September 15, 2026

First semi-annual interest payment date on new 2030 Notes

Expected closing

March 27, 2026

Scheduled closing date of the $50.0M private offering

Previous Offering Reports

2 past events · Latest: Sep 08

Same Type 2 events

1. Sep 08

   Debt offering priced

   24h Move

   -1.2%

   Pricing of $250M 8.625% senior unsecured notes due 2030 for refinancing.

2. Sep 08

   Debt offering launched

   24h Move

   +7.5%

   Launch of $250M 2030 notes and new $40M revolver to refinance debt.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

senior unsecured notes, aggregate principal amount, guaranteed on a senior unsecured basis, qualified institutional buyers, +3 more

7 terms

senior unsecured notes financial

"pricing of its private offering ... of 8.625% senior unsecured notes due 2030"

Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.

aggregate principal amount financial

"$50.0 million aggregate principal amount of 8.625% senior unsecured notes"

The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.

guaranteed on a senior unsecured basis financial

"The 2030 Notes will be guaranteed on a senior unsecured basis by the Company’s..."

A promise that a debt or obligation will be paid by a guarantor, where the obligation ranks ahead of other unsecured claims if the issuer goes bankrupt but is not backed by specific collateral. Think of it like a co-signer who promises to pay and whose claim comes before ordinary unsecured creditors, giving investors stronger payment priority but without the extra security of a pledged asset.

qualified institutional buyers regulatory

"offered only to persons reasonably believed to be “qualified institutional buyers,”"

Qualified institutional buyers are large organizations, like big investment firms or banks, that are allowed to buy certain types of investment opportunities not available to everyday investors. Their size and experience matter because it ensures they understand and can handle complex financial deals, making markets more efficient and secure.

Rule 144A regulatory

"as that term is defined under Rule 144A of the Securities Act"

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

Regulation S regulatory

"outside the United States to non-“U.S. persons” in accordance with Regulation S"

Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.

confidential offering memorandum financial

"A confidential offering memorandum for the Offering, dated as of today, is being made"

A confidential offering memorandum is a private document that lays out the full details of a securities offering—the business plan, financials, risks, legal terms and who can invest—shared only with select potential investors under confidentiality. Like a detailed prospectus handed to a small group, it helps investors judge the opportunity and risks before committing money, and signals that the deal is private, often limited to accredited or institutional buyers and subject to resale restrictions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NASHVILLE, Tenn., March 24, 2026 (GLOBE NEWSWIRE) -- Harrow (Nasdaq: HROW), a leading provider of ophthalmic disease management solutions in North America, today announced the pricing of its private offering (the “Offering”) of $50.0 million aggregate principal amount of 8.625% senior unsecured notes due 2030 (the “2030 Notes”). The 2030 Notes will be guaranteed on a senior unsecured basis by the Company’s existing and future wholly-owned domestic restricted subsidiaries and any of its other restricted subsidiaries that guarantees or co-issues any of its indebtedness or any indebtedness of any of its subsidiaries that guarantees the 2030 Notes, subject to certain exceptions. The Offering is expected to close on March 27, 2026, subject to customary closing conditions.

The $50.0 million aggregate principal amount of 2030 Notes will be issued as additional notes under the same indenture governing the $250,000,000 aggregate principal amount of 2030 Notes that were issued on September 12, 2025 (the “Existing Notes”) and will be treated as a single series with the Existing Notes and will have the same terms as the Existing Notes, other than with respect to the date of issuance and the issue price.   The 2030 Notes bear interest at a rate of 8.625% per annum and will mature on September 15, 2030. Interest on the 2030 Notes will be payable semi-annually in cash in arrears on March 15 and September 15 of each year. Interest on the 2030 Notes will be deemed to have accrued from March 15, 2026, which was the last interest payment date for the Existing Notes, and will be payable beginning on September 15, 2026. The $50.0 million aggregate principal amount of 2030 Notes will be issued at an offering price of 100.25% of the principal amount thereof plus accrued interest from March 15, 2026.

Harrow intends to use the net proceeds from this incremental issuance for general corporate purposes, which may include initiatives to accelerate growth (e.g., new product launches), funding upcoming product development activities, future strategic business development opportunities, and related investments.

The 2030 Notes and the related guarantees have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), any state securities laws or the securities laws of any other jurisdiction, and may not be offered or sold in the United States, or for the benefit of U.S. persons, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities or blue sky laws. Accordingly, the 2030 Notes and the related guarantees are being offered only to persons reasonably believed to be “qualified institutional buyers,” as that term is defined under Rule 144A of the Securities Act, or outside the United States to non-“U.S. persons” in accordance with Regulation S under the Securities Act.

A confidential offering memorandum for the Offering, dated as of today, is being made available to such eligible persons. The Offering is being conducted in accordance with the terms and subject to the conditions set forth in such confidential offering memorandum.

This press release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offer, or solicitation to buy, if at all, will be made only by means of a confidential offering memorandum.

About Harrow
Harrow, Inc. (Nasdaq: HROW) is a leading provider of ophthalmic disease management solutions in North America, offering a comprehensive portfolio of products that address conditions affecting both the front and back of the eye, such as dry eye disease, wet (or neovascular) age-related macular degeneration, cataracts, refractive errors, glaucoma and a range of other ocular surface conditions and retina diseases. Harrow was founded with a commitment to deliver safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act, including, without limitation, statements regarding the Offering and the expected use of proceeds of the Offering. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Specific factors that might cause such a difference include, but are not limited to: changes in market conditions, negotiation of final transaction documents, changes in operations, business, financial or other conditions relevant to the planned transactions, and other execution risks related to the completion of the transactions described herein, as well as other risks detailed in our most recent annual report on Form 10-K and other filings with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, we may not be able to complete the potential transactions on terms expected or at all, and our actual results may differ significantly from those expected or implied by our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.

Contact:
Mike Biega
Vice President of Investor Relations and Communications
mbiega@harrowinc.com
617-913-8890

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Harrow (HROW) announce about the $50.0 million 2030 notes on March 24, 2026?

Harrow priced a private offering of $50.0 million 8.625% senior unsecured notes due Sept 15, 2030. According to the company, the notes will be issued at 100.25% and treated as a single series with existing 2030 notes.

When will the Harrow (HROW) 2030 notes offering close and when does interest start accruing?

The offering is expected to close on March 27, 2026, with interest deemed to accrue from March 15, 2026. According to the company, cash interest payments will occur semi‑annually on March 15 and Sept 15.

What are the key financial terms of Harrow's (HROW) incremental 2030 notes issued March 24, 2026?

The notes carry an 8.625% annual coupon, mature on Sept 15, 2030, and were priced at 100.25%. According to the company, interest is payable semi‑annually and the notes join the existing 2030 series.

How does Harrow (HROW) intend to use proceeds from the $50.0 million 2030 notes offering?

Proceeds are intended for general corporate purposes, including product launches and development. According to the company, uses may include accelerating growth initiatives, funding product development, and pursuing strategic business opportunities.

Who can buy Harrow's (HROW) March 24, 2026 private offering of 2030 notes?

The offering is limited to persons reasonably believed to be qualified institutional buyers or non‑U.S. persons under Regulation S. According to the company, the notes are not registered under the Securities Act and are offered privately.