Amneal revises offer price on roughly $490 million term loan to par

By Sara Rosenberg

New York, July 9 – Amneal Pharmaceuticals LLC modified the offer price on its roughly $490 million covenant-light term loan (B2/B+) to par as a 25 basis point amendment fee and a 25 bps new money fee were eliminated, according to a market source.

Pricing on the term loan is still Libor plus 375 basis points with a 1% Libor floor, and there is still 101 soft call protection for six months.

The loan includes a fungible $80 million incremental tranche that will be used to fund the acquisition of manufacturing facilities, and roughly $410 million of existing term loan debt that is being repriced from Libor plus 475 bps with a 1% Libor floor.

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

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

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