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Prospect News home > News index > List of issuers W > Headlines for Watson Pharmaceuticals, Inc. > News item |
Watson wraps $500 million revolving facility at Libor plus 125 bps
By Aleesia Forni
Columbus, Ohio, Sept. 19 - Watson Pharmaceuticals Inc. completed a $500 million senior unsecured five-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Friday.
Pricing on the revolver ranges from Libor plus 87.5 basis points to 175 bps, with an initial rate of Libor plus 125 based on the company's credit rating.
The company must also pay commitment fees on the unused portion of the revolver, ranging from 7.5 bps to 20 bps.
The initial commitment fee is set at 15 bps.
Letter of credit fees range from 87.5 bps to 175 bps, with an initial rate of 125 bps.
The company borrowed $125 million under the facility and used cash on hand to repay outstanding borrowings under its existing credit facility.
Merrill Lynch, Pierce, Fenner & Smith Inc. and Wells Fargo Securities LLC are joint book managers and joint lead arrangers.
Bank of America NA is administrative agent, letter of credit issuer and swing line lender.
Wells Fargo Bank NA is syndication agent.
Barclays Bank plc, Union Bank NA, Mizuho Corporate Bank and JPMorgan Chase Bank NA are co-documentation agents.
Watson is a Parsippany, N.J.-based pharmaceuticals company.
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