Amneal Pharmaceuticals, Inc. has announced a proposed refinancing of its existing credit agreement, including a private offering of senior secured notes due 2032. The company's subsidiary, Amneal Pharmaceuticals LLC, is seeking to borrow $1.800 billion aggregate principal amount of new seven-year term b loans under a new term loan facility. Additionally, the issuer has launched an offering of $750 million aggregate principal amount of senior secured notes due 2032 in a private offering.
The net proceeds of the new term b loans and the notes will be used to refinance the existing term b loans in full, repay a portion of outstanding amounts borrowed under its ABL facility, and pay related fees, premiums, and expenses. The offering of the notes is not conditioned on entry into the term loan facility.
The notes will initially be guaranteed on a senior secured basis by the same subsidiaries of the issuer that will guarantee the term loan facility and will not be guaranteed by Amneal. They will be secured on a pari passu basis by the same assets that will secure the term loan facility and will have the benefit of a first-priority lien on the collateral and a second-priority lien on the ABL priority collateral.
The proposed transactions are subject to market conditions and other factors, and there can be no assurance as to whether or when these transactions may be completed, or as to the actual size or terms of the transactions.
This press release also includes forward-looking statements regarding matters that are not historical facts. Amneal Pharmaceuticals, Inc. is a global biopharmaceutical company headquartered in Bridgewater, NJ, and it develops, manufactures, and distributes a diverse portfolio of over 280 pharmaceuticals, primarily within the United States. The company operates in affordable medicines, specialty, and AvKARE segments.
As of the time of the press release, there were no specific figures or metrics provided to indicate the change in financial performance since the last period. The market has reacted to these announcements by moving the company's shares 0.38% to a price of $8.00. Check out the company's full 8-K submission here.
