Mallinckrodt draws $500 million under revolver for use in acquisition

By Wendy Van Sickle

Columbus, Ohio, Sept. 9 – Mallinckrodt International Finance SA drew $500 million under its revolving credit facility Tuesday to fund part of the company’s planned acquisition of all of the capital stock of TGG Medical Solutions, Inc., according to an 8-K filed with the Securities and Exchange Commission.

The revolver is established under the company’s March 19, 2014 credit agreement with Deutsche Bank AG New York Branch, as administrative agent. It matures March 19, 2019.

The company has no remaining availability under the revolver.

Mallinckrodt also announced plans for two of its subsidiaries to offer about $750 million of senior unsecured notes due 2023, the proceeds of which would be used in the acquisition.

The company expects to complete the acquisition by the end of the month.

Mallinckrodt is a Dublin-based pharmaceutical company with U.S. headquarters in St. Louis.

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