Amneal to launch $80 million incremental term loan on Thursday

By Sara Rosenberg

New York, June 17 – Amneal Pharmaceuticals LLC is scheduled to hold a conference call on Thursday to launch a fungible $80 million incremental covenant-light term loan and repricing of its existing $413 million covenant-light term loan, according to a market source.

The incremental loan and repricing are talked at Libor plus 375 basis points with a 1% Libor floor, versus current term loan pricing of Libor plus 475 bps with a 1% Libor floor, the source said.

All of the term loan debt will have 101 soft call protection for six months.

GE Capital Markets and J.P. Morgan Securities LLC are the joint lead arrangers on the deal.

Proceeds from the incremental loan will be used to fund the acquisition of manufacturing facilities.

Lenders are being offered a 25 bps consent fee to allow for the acquisition, and lenders committing to the incremental term loan will also be paid 25 bps.

Amneal Pharmaceuticals is a Bridgewater, N.J.-based manufacturer of generic pharmaceuticals.

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