Mallinckrodt gets $500 million revolver, replacing smaller facility

By Wendy Van Sickle

Columbus, Ohio, Aug. 28 – Mallinckrodt plc entered into a $500 million revolving credit facility on Friday, according to an 8-K filed with the Securities and Exchange Commission.

The facility replaced an existing $250 million revolving facility and is governed by the credit agreement dated March 19, 2014.

The new financing was in connection with the company’s pending acquisition of TGG Medical Solutions, Inc., the sole stockholder of Therakos, Inc.

The revolver bears interest at Libor plus 225 basis points and has a commitment fee of 27.5 bps.

Other than pricing, its terms are similar to those of the facility it replaced. The revolver matures March 19, 2019.

Deutsche Bank AG New York is the administrative agent.

Mallinckrodt is a Dublin-based pharmaceutical company. Therakos is a Raritan, N.J.-based provider of systems for delivering extracorporeal photopheresis, a therapy used to treat disease states arising from immune system imbalances.

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