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Amneal to launch $225 million add-on term loan on Thursday morning
By Sara Rosenberg
New York, May 11 – Amneal Pharmaceuticals LLC is scheduled to hold a lender call at 11 a.m. ET on Thursday to launch a fungible $225 million add-on term loan B due November 2019, according to a market source.
J.P. Morgan Securities LLC is the lead bank on the deal.
Pricing on the add-on term loan matches existing term loan pricing at Libor plus 350 basis points with a 1% Libor floor.
The add-on is being offered with an original issue discount of 99.266 and has 101 soft call protection for six months, the source said.
Proceeds will be used to fund a dividend and for general corporate purposes.
In connection with the add-on term loan, the company is seeking an amendment to its existing credit facility, for which lenders are offered a 25 bps amendment fee, the source added.
Amneal Pharmaceuticals is a Bridgewater, N.J.-based manufacturer of generic pharmaceuticals.
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