Amneal firms spread on $205 million facility at Libor plus 450 bps

By Sara Rosenberg

New York, Dec. 14 - Amneal Pharmaceuticals LLC set pricing on its $205 million five-year credit facility at Libor plus 450 basis points, the tight end of the Libor plus 450 bps to 475 bps talk, according to a market source.

The 1.75% Libor floor and fees of 1.5% were left unchanged.

Tranching on the deal is a $50 million revolver and a $155 million term loan.

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

GE Capital is the lead arranger on the deal.

Proceeds will be used for a refinancing and recapitalization.

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

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