Amneal seeks $200 million incremental term loan at Libor plus 350 bps

By Sara Rosenberg

New York, April 13 – Amneal Pharmaceuticals LLC is in the market with a $200 million covenant-light incremental term loan (B+) due November 2019 that is talked at Libor plus 350 basis points with a 1% Libor floor and a par offer price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

GE Capital Markets is the lead on the deal that launched last week.

Commitments are due on Wednesday.

Proceeds will be used to fund a dividend.

The new loan is not fungible with the company’s existing term loan that is priced at Libor plus 400 bps with a 1% Libor floor.

Existing lenders are being offered a 5 bps amendment fee to allow for the new loan, the source added.

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

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