Azurity launches $600 million term loan at Libor plus 475-500 bps

By Sara Rosenberg

New York, Sept. 9 – Azurity Pharmaceuticals Inc. was scheduled to hold a lender call at 11 a.m. ET on Thursday to launch a $600 million term loan (B2/B) that is talked at Libor plus 475 basis points to 500 bps with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

JPMorgan Chase Bank and Truist Securities Inc. are the leads on the deal.

Commitments are due at 5 p.m. ET on Sept. 22, the source added.

Proceeds will be used to fund the acquisition of Arbor Pharmaceuticals Inc. from existing investors including JW Asset Management and KKR.

Closing is expected this month, subject to regulatory approvals.

Azurity is a Wilmington, Mass.-based specialty pharmaceutical company focusing on the needs of patients requiring customized, user-friendly drug formulations and dosage forms. Arbor is an Atlanta-based specialty pharmaceutical company marketing FDA-approved prescription products in the neuroscience, cardiovascular and institutional markets.

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