Watson amends to permit up to $500 million in general unsecured debt

By Sara Rosenberg

New York, July 7 - Watson Pharmaceuticals Inc. amended its credit facility, allowing for the incurrence of $500 million in general unsecured debt, up from $100 million, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The amendment also requires the company to repay $100 million of its term loan on or before the later of Sept. 15 and two business days after the closing of certain financing transactions, but no later than Dec. 16.

In addition, the amendment excludes from the restrictions on indebtedness of a principal amount of up to $151.4 million of certain debt expected to be acquired in connection with the acquisition of the Arrow Group and certain post-closing payment obligations.

The amendment was completed on July 1.

CIBC is the administrative agent on the deal.

Watson is a Corona, Calif.-based specialty pharmaceutical company.

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