Jazz Pharmaceuticals (JAZZ) said early Thursday it priced its upsized offering of $1.1 billion of 1.875% exchangeable senior notes due 2032.

The offering, which will be issued by the company's subsidiary, Jazz Investments I, was upsized from $1 billion.

Jazz Pharmaceuticals also granted initial purchasers a 13-day period to buy up to an additional $150 million of notes. The offering is expected to close on Aug. 31.

The company expects gross proceeds of about $1.08 billion, or roughly $1.23 billion if the initial purchasers take up the option to buy additional notes, and plans to use them for general corporate purposes.

The notes have an initial exchange price of about $355.24 per ordinary share, representing a 42.5% premium to Jazz's Aug. 26 closing price of $249.29.

Concurrently, the company also expects to repurchase up to $225 million of ordinary shares from note purchasers, it added.