Mallinckrodt launches $1.86 billion term B at Libor plus 275-300 bps

By Sara Rosenberg

New York, Feb. 14 – Mallinckrodt International Finance SA launched on Tuesday its $1,862,000,000 term loan B due Sept. 24, 2024 with price talk of Libor plus 275 basis points to 300 bps with a 0.75% Libor floor and an original issue discount of 99.75, according to a market source.

The term loan has 101 soft call protection for six months.

Expected term loan ratings are Ba1/BB+.

Deutsche Bank Securities Inc. is the lead bank on the deal.

Proceeds will be used to amend and extend an existing term loan B due March 19, 2021 that is priced at Libor plus 250 bps with a 0.75% Libor floor and an existing term loan B-1 due March 19, 2021 that is priced at Libor plus 275 bps with a 0.75% Libor floor.

Commitments from existing lenders are due at 5 p.m. ET on Feb. 21, and new money commitments are due at noon ET on Feb. 23.

Mallinckrodt is a U.K.-based specialty pharmaceutical company.

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