Stiefel to launch $885 million credit facility Friday

By Sara Rosenberg

New York, Nov. 27 - Stiefel Laboratories Inc. is scheduled to hold a bank meeting on Friday to launch its proposed $885 million credit facility, according to a market source.

Deutsche Bank is the lead bank on the deal.

The facility consists of a $75 million revolver, a $660 million first-lien term loan B and a $150 million second-lien term loan, the source said.

Proceeds will be used to fund the acquisition of Connetics Corp. for $17.50 per share. The transaction is valued at about $640 million.

Stiefel is a Coral Gables, Fla., independent pharmaceutical company specializing in dermatology. Connetics is a Palo Alto, Calif., specialty pharmaceutical company focused on the development and commercialization of innovative therapeutics for the dermatology market.

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