Amneal Pharmaceuticals to launch $205 million facility on Wednesday

By Sara Rosenberg

New York, Nov. 15 - Amneal Pharmaceuticals LLC is scheduled to hold a bank meeting on Wednesday to launch its proposed $205 million five-year credit facility, according to a market source.

GE Capital is the lead arranger on the deal.

The facility consists of a $50 million revolver and a $155 million term loan, with both tranches talked at Libor plus 450 basis points to 475 bps with a 1.75% Libor floor and fees of 1.5%, the source said.

Amortization on the term loan is 5% in years one and two, 10% in years three and four and the first three quarter of year five, with the rest due at maturity.

Proceeds will be used for a refinancing/recapitalization.

Amneal Pharmaceuticals is a Hauppauge, N.Y.-based generic pharmaceuticals company.

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