Amneal sets $735 million term loan B repricing at Libor plus 350 bps

By Sara Rosenberg

New York, June 25 – Amneal Pharmaceuticals LLC firmed pricing on its $735 million term loan B-1 at Libor plus 350 basis points, the wide end of the Libor plus 325 bps to 350 bps talk, according to a market source.

The B-1 loan has a 1% Libor floor and a par issue price.

GE Capital Markets is the lead on the deal.

Proceeds are being used to reprice the existing term loan B-1 from Libor plus 400 bps with a 1% Libor floor.

The term loan B-1 will now be fungible with the company’s $200 million term loan B-2 that is already priced at Libor plus 350 bps with a 1% Libor floor, creating a $935 million term loan B tranche, the source said.

The 101 soft call protection on all of the term loan B debt is being refreshed for six months.

Amortization on the $735 million term loan B-1 was reduced to match the 1% amortization on the $200 million tranche, the source added.

Allocations are expected on Friday.

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

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