Albany Molecular firms discount on $230 million add-on term loan at 99

By Sara Rosenberg

New York, June 6 – Albany Molecular Research Inc. finalized the original issue discount on its fungible $230 million add-on senior secured term loan due July 2021 at 99, the tight end of the 98.75 to 99 talk, according to a market source.

The add-on term loan is priced at Libor plus 475 basis points with a 1% Libor floor, and all of the term loan debt will get 101 soft call protection for six months.

J.P. Morgan Securities LLC and Barclays are the lead banks on the deal.

Proceeds will be used to help fund the acquisition of Prime European Therapeuticals SpA from Lauro Cinquantasette SpA for €315 million, consisting of €164 million in cash at closing, stock and a €55 million deferred cash consideration.

Albany Molecular is an Albany, N.Y.-based drug discovery services and manufacturing company. Prime European is a Lodi, Italy-based pharmaceuticals company.

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