Albany Molecular to launch $925 million credit facilities on Wednesday

By Sara Rosenberg

New York, July 17 – Albany Molecular Research Inc. is scheduled to hold a bank meeting at 10 a.m. ET on Wednesday to launch $925 million of senior secured credit facilities, according to a market source.

The facilities consist of a $100 million five-year revolver, a $620 million seven-year first-lien term loan and a $205 million eight-year second-lien term loan, the source said.

Barclays, Morgan Stanley Senior Funding Inc., RBC Capital Markets, Goldman Sachs Bank USA, Jefferies LLC and Mizuho Bank Ltd. are the bookrunners on the deal, with Barclays the left lead on the first-lien term loan and Morgan Stanley the left lead on the second-lien term loan.

Proceeds will be used to help fund the buyout of the company by the Carlyle Group and GTCR LLC for $21.75 per share in cash.

Other funds for the transaction will come from equity.

Closing is subject to shareholder approval, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions. A shareholder meeting to vote on the transaction is expected to take place in the third quarter.

Albany Molecular is an Albany, N.Y.-based contract research and manufacturing organization that works with the life sciences industry to improve patient outcomes and the quality of life.

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