Amneal Pharmaceuticals sets extended term loan size at $2.35 billion

By Sara Rosenberg

New York, Nov. 6 – Amneal Pharmaceuticals finalized the size of its amended and extended term loan B due 2028 (B2/B) at around $2.35 billion, versus revised plans of a minimum $2.25 billion and initial plans of $2.544 billion, according to a market source.

Pricing on the extended term loan is SOFR plus 550 basis points with a 0.5% floor, and it was sold at an original issue discount of 95.

The term loan has hard call protection of 103 in year one, 102 in year two and 101 in year three.

Earlier in syndication, pricing on the extended term loan was increased from SOFR plus 525 bps, the discount widened from 96, the call protection was changed from a 102 hard call in year one and a 101 soft call in year two, and modifications were made to documentation.

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used to amend and extend a portion of the company’s existing $2.544 billion term loan due May 2025, leaving a roughly $194 million stub non-extended term loan tranche in place.

Pricing on the non-extended term loan is SOFR+CSA plus 350 bps. CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

Amneal is a Bridgewater, N.J.-based generic pharmaceutical manufacturer.

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