Mallinckrodt unit draws $900 million on revolver for Sucampo purchase

By Sarah Lizee

Olympia, Wash., Jan. 5 – Mallinckrodt plc subsidiary Mallinckrodt International Finance SA drew $900 million under its revolving credit facility on Dec. 29 to help fund the acquisition of Sucampo Pharmaceuticals, Inc., according to an 8-K filed with the Securities and Exchange Commission.

The revolver was established under the company’s March 19, 2014 credit agreement with Deutsche Bank AG New York Branch as administrative agent. It matures on Feb. 28, 2022.

Following the draw, the company has no remaining availability under the revolver.

Mallinckrodt said it will commence a cash tender offer to purchase all of the outstanding shares of Sucampo’s class A common stock for $18.00 per share in cash. Following the offer, Mallinckrodt subsidiary Sun Acquisition Co. will merge into Sucampo.

The company expects to complete the merger in the first quarter of 2018.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.