Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Except as set forth below, during the nine months ended September 30, 2024, there were no material changes to our market risk disclosures as set forth in Part II, Item 7A “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2023.
Exchangeable Senior Notes 2030
In September 2024, Jazz Investments I Limited, our wholly owned subsidiary, completed a private placement of $1.0 billion aggregate principal amount of the 2030 Notes. The 2030 Notes have a fixed annual interest rate of 3.125% and we therefore do not have economic interest rate exposure on the 2030 Notes. However, the fair value of the 2030 Notes is exposed to interest rate risk. Generally, the fair value of the 2030 Notes will increase as interest rates fall and decrease as interest rates rise. The fair value of the 2030 Notes is also affected by volatility in our ordinary share price. As of September 30, 2024 the fair value of the 2030 Notes was estimated to be $1.0 billion.
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