Indivior widens spreads, hikes discount on $635 million and €100 million term loans

By Paul A. Harris

Portland, Ore., March 6 – Indivior plc widened the spreads and hiked the discount on $635 million and €100 million of five-year term loans B on Friday, according to a market source.

The spreads on both tranches increased to Libor/Euribor plus 600 basis points from 575 bps.

The discount talk deepened to 94 from earlier talk of 97 to 98.

The maturity was decreased to 4.75 years from five years.

The 101 soft call protection increased to one year from six months.

In addition there were covenant changes.

Commitments are due March 10.

The company’s senior secured credit facility (B3/B) also includes a $50 million five-year revolver that is talked at Libor plus 525 bps with no Libor floor and an original issue discount of 99˝, the source continued.

Morgan Stanley Senior Funding Inc. and Deutsche Bank Securities Inc. are the lead banks on the deal.

Proceeds will be used to fund a dividend and for general corporate purposes.

Indivior is a Richmond, Va.-based specialty pharmaceutical company focused on addiction and related mental health disorders.

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