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AmerisourceBergen restates $1.4 billion revolver, reprices term loan
By Wendy Van Sickle
Columbus, Ohio, Nov. 6 – AmerisourceBergen Corp. amended and restated its $1.4 billion multicurrency revolving credit facility on Oct. 31, extending the maturity date to Oct. 31, 2023, and refinanced its term credit agreement, according to an 8-K filing with the Securities and Exchange Commission.
Additionally, some restrictive covenants of the revolver were amended, including modifications made to allow for debt of foreign subsidies.
Revolver borrowings bear interest at Libor or CDOR plus an applicable rate based on the company’s debt ratings. The applicable rate ranges from 70 basis points to 110 bps. The commitment fee ranges from 5 bps to 15 bps and is also based on ratings.
There is a $75 million sublimit for letters of credit.
J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Wells Fargo Securities LLC are the lead arrangers and joint bookrunners with JPMorgan Chase Bank, NA as administrative agent, Bank of America, NA and Wells Fargo Bank NA as syndication agents and Citibank, NA, Morgan Stanley Senior Funding, Inc., MUFG Bank Ltd., Bank of Nova Scotia and U.S. Bank NA as documentation agents.
The revolving credit agreement is originally dated March 18, 2011.
Proceeds of the revolver may be used for general corporate purposes.
The $400 million refinanced term loan has terms that are substantially similar terms the previous term loan agreement, originally dated Feb. 9, 2015, except that the interest rate is reduced to Libor plus 65 bps, and some changes were made to conform to amendments to the multicurrency revolver.
Wells Fargo is the lead arranger, bookrunner and administrative agent.
Based in Chesterbrook, Pa., AmerisourceBergen provides drug distribution and related services to pharmaceutical manufacturers in the United States and Canada.
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