Alvogen Pharma launches $1.01 billion term B at Libor plus 450 bps

By Sara Rosenberg

New York, June 11 – Alvogen Pharma US Inc. launched on Monday its $1,013,674,154 senior secured covenant-light term loan B due April 2, 2022 with price talk of Libor plus 450 basis points with a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 5% per annum, the source said.

Morgan Stanley Senior Funding Inc. and Jefferies LLC are the joint lead arrangers and bookrunners on the deal.

Commitments/consents are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to reprice an existing term loan B due 2022 down from Libor plus 500 bps with a 1% Libor floor.

Alvogen is a developer and manufacturer of generic drugs, and provider of contract manufacturing, development and research services to large branded pharma companies.

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