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Clinigen gets five-year £45 million term loan, £95 million revolver
By Susanna Moon
Chicago, April 24 – Clinigen Group plc said it lined up a £45 million five-year term loan facility and a £95 million five-year revolving credit facility with Royal Bank of Scotland plc, Santander UK plc and HSBC Bank plc.
Interest on the drawn amounts will be Libor plus 125 basis points to 275 bps, based on leverage.
The company plans to draw £104 million under new debt facilities to fund its acquisition of Idis Group Holdings Ltd., according to a company press release.
The net debt of the enlarged group after of the acquisition will be about £83 million, and the undrawn portion of the revolver will help provide financial flexibility, the company said.
Leverage after the acquisition will be about 1.9 times net debt to adjusted EBITDA.
The company said it agreed to acquire Idis for an enterprise value of £225 million.
The acquisition also will be financed by a £135 million vendor placement, with the acquisition conditioned on the placing agreement, the release noted.
Clinigen is a Burton-on-Trent, England-based specialty pharmaceuticals and services business company.
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