Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Amneal Pharmaceuticals Inc. > News item |
Amneal Pharmaceuticals to launch $2.7 billion term loan B Wednesday
By Sara Rosenberg
New York, March 5 – Amneal Pharmaceuticals Inc. will hold a bank meeting on Wednesday to launch a $2.7 billion seven-year term loan B, according to a market source.
JPMorgan Chase Bank, Bank of America Merrill Lynch and RBC Capital Markets are the leads on the deal.
Price talk on the term loan B is Libor plus 300 basis points to 325 bps with a 0% Libor floor and an original issue discount of 99.5, the source said.
The term loan has 101 soft call protection for six months.
Commitments are due on March 21, the source added.
Proceeds will be used to refinance currently outstanding debt at Amneal Pharmaceuticals LLC and Impax Laboratories Inc. in connection with the acquisition of Impax.
Under the agreement, a new, publicly traded holding company, Amneal Pharmaceuticals Inc., will be formed and will purchase Impax in an all-stock transaction.
Amneal members will own about 75% and Impax shareholders will own around 25% of the new company’s pro forma shares on an as converted basis.
Closing is expected in the first half of this year, subject to customary conditions, including receipt of regulatory approvals and Impax shareholder approval.
Amneal is a Bridgewater, N.J.-based generic pharmaceutical manufacturer. Impax is a Hayward, Calif.-based specialty pharmaceutical company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.