Par Pharmaceutical cuts spread on term loan B-3 to Libor plus 325 bps

By Sara Rosenberg

New York, Feb. 19 – Par Pharmaceutical Cos. Inc. trimmed pricing on its $425 million term loan B-3 (B1/B) to Libor plus 325 basis points from talk of Libor plus 375 bps to 400 bps, according to a market source.

In addition, the original issue discount firmed at 99½, the tight end of the 99 to 99½ talk, the source said.

As before, the term loan has a 1% Libor floor and 101 soft call protection for six months.

Recommitments were due at 11 a.m. ET on Thursday, the source added.

Bank of America Merrill Lynch, Goldman Sachs Bank USA, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc. and TPG are leading the deal.

Proceeds will be used to help fund a dividend.

Par Pharmaceutical is a Woodcliff Lake, N.J.-based specialty pharmaceutical company.

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