Triton's increased offer for Clinigen involves more banks in financing

Chicago, Jan. 18 – The all-cash offer by Triley Bidco Ltd., a company indirectly owned by Triton Funds, for Clinigen Group plc has been revised upwards for a valuation of £1.3 billion, according to an announcement.

The increase has resulted in an update on the financing arrangements.

The cash consideration will still be financed by equity and debt.

The debt financing is backed by a commitment letter dated Jan. 14 and an interim facilities agreement from Dec. 8 for senior and second-lien debt facilities from Barclays, Credit Suisse AG, London Branch, HSBC Bank plc, J.P. Morgan Chase Bank, NA, London Branch, J.P. Morgan Securities plc, NatWest Markets plc, National Westminster Bank plc and Investec Bank plc.

On Jan. 11, National Westminster and NatWest were added to the list of banks.

Investec was added on Jan. 14.

J.P. Morgan Cazenove is the lead financial adviser to Triton and Bidco.

Barclays Bank plc and HSBC Bank plc are also acting as financial advisers to Bidco and Triton.

RBC Capital Markets and Numis are providing independent advice to Clinigen pursuant to Rule 3 of the takeover code.

White & Case LLP has been retained as legal adviser to Triton and Bidco. Alston & Bird (City) LLP has been retained as legal adviser to StepStone.

Ashurst LLP has been retained as legal adviser to Clinigen.

Clinigen is a specialist pharmaceutical services and products company based in the United Kingdom.

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