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Catelent Pharma obtains $205 million refinancing dollar term 2 loan
By Toni Weeks
San Diego, May 3 - Catalent Pharma Solutions, Inc. amended its credit agreement to provide a $205 million refinancing dollar term 2 loan on April 27, according to an 8-K filed with the Securities and Exchange Commission on Thursday.
The loans with Morgan Stanley Senior Funding as administrative agent, collateral agent and swingline lender mature on the earlier of Sept. 15, 2017 and the 91st day prior to the maturity of the company's senior subordinated notes, or any permitted refinancing of those notes, provided that the notes have an outstanding principal amount of more than $100 million.
Borrowings bear interest at Libor plus 400 basis points, subject to a floor of 1.25%, and have identical terms as the outstanding dollar term 2 loans.
Proceeds will be used to prepay in full all outstanding non-extended dollar term 1 loans under the credit agreement.
Catalent is a Somerset, N.J.-based provider of advanced technologies and development, manufacturing and packaging services for pharmaceutical, biotechnology and consumer health care companies.
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