Catalent ups revolver by $350 million to help fund Paragon purchase

By Rebecca Melvin

New York, May 20 – Catalent Pharma Solutions Inc. has amended its existing credit agreement to provide a $350 million increase to its revolving credit facility as part of a funding package for its $1.2 billion acquisition of Paragon Bioservices Inc.

Catalent entered into an amendment with J.P. Morgan Chase, as administrative agent and collateral agent as of May 17 to increase the revolver and provide $950 million of incremental term loans, among other things, according to a release.

As previously reported, pricing on the term loan B is Libor plus 225 basis points with a 0% Libor floor, and the debt has 101 soft call protection for six months.

Catalent is a Somerset, N.J.-based provider of advanced delivery technologies and development solutions for drugs, biologics and consumer health products. Paragon is a Baltimore-based viral vector development and manufacturing partner for gene therapies.

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