Warner Chilcott plans $600 million of term loans with recapitalization

By Sara Rosenberg

New York, Aug. 7 - Warner Chilcott plc expects to get $600 million of new senior secured term loans under its existing credit facility in connection with a recapitalization, according to a news release.

Proceeds will be used with cash on hand to fund a special dividend to ordinary shareholders of $4 per share, or about $1 billion in total.

The dividend is conditioned on the amendment of the existing credit facility to allow for the new debt.

Closing is expected before the end of the third quarter.

Warner Chilcott is a Dublin-based specialty pharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.