Amneal readies launch of $250 million add-on term loan for Wednesday

By Sara Rosenberg

New York, Dec. 2 – Amneal Pharmaceuticals LLC is scheduled to hold a conference call on Wednesday afternoon to launch a fungible $250 million add-on first-lien covenant-light term loan due Nov. 2, 2019, according to a market source.

GE Capital Markets is the lead on the deal.

The add-on term loan is talked at Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 99, the source said.

With the add-on, the company is increasing pricing on its existing $490 million first-lien covenant-light term loan to Libor plus 425 bps with a 1% Libor floor from Libor plus 375 bps with a 1% Libor floor, the source continued.

Furthermore, amortization of 2.5% is being added to all of the first-lien term loan debt, as is 101 soft call protection for six months.

Proceeds from the add-on will be used to fund a dividend.

Commitments are due on Dec. 17, the source added.

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

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