Alkermes launches $375 million term loan at Libor plus 375-400 bps

By Sara Rosenberg

New York, Sept. 10 - Alkermes Inc. launched its $375 million senior secured term loan (B1/BB) on Monday with price talk of Libor plus 375 basis points to 400 bps with a 1.25% Libor floor and an original issue discount of 99, according to a market source.

The loan has 101 soft call protection for one year, the source said.

Commitments are due on Sept. 20.

Morgan Stanley Senior Funding Inc, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance existing credit facility debt.

Alkermes is a Dublin, Ireland-based biopharmaceutical company.

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