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JPMorgan Chase, Others Close $2.6B Senior Secured Credit Facilitis for Perrigo

April 21, 2022, 07:50 AM
Filed Under: Consumer Products

Perrigo Company closed its previously announced senior secured credit facilities. The new facilities consist of (i) a $1.0 billion five-year revolving credit facility (the "New Revolving Facility"), (ii) a $500 million five-year term loan A facility (the "New Term Loan A Facility"), and (iii) a $1.1 billion seven-year term loan B facility (the "New Term Loan B Facility" and, together with the New Term Loan A Facility, the "New Term Loan Facilities," and the New Term Loan Facilities together with the New Revolving Facility, the "New Senior Secured Credit Facilities").  Due to the favorable reception from the market to the syndication of the New Senior Secured Credit Facilities, the size of the New Term Loan Facilities was increased to a total of $1.6 billion from the previously announced $1.1 billion, and the Company has decided not to proceed with its previously announced offering of senior notes.  The New Senior Secured Credit Facilities are being incurred by the Company's wholly-owned subsidiary, Perrigo Investments, LLC, and will be guaranteed by the Company and certain other wholly-owned subsidiaries of the Company.

The Company will use the proceeds of the New Term Loan Facilities, together with cash on hand, to finance the previously announced acquisition of Héra SAS ("Héra") and to repay existing indebtedness of the Company and its subsidiaries under its outstanding term loan facility, its 4.00% Senior Notes due 2023 and its 5.1045% Guaranteed Senior Notes due 2023. Notice of redemption of the 4.00% Senior Notes due 2023 and the 5.1045% Guaranteed Senior Notes due 2023 has been given, and the notes will be redeemed on May 20, 2022. The Company will use any amounts borrowed from time to time under the New Revolving Facility, which will replace its existing revolving facility, for general corporate purposes.

JPMorgan Chase Bank, Morgan Stanley Senior Funding, Wells Fargo Securities, BofA Securities, and HSBC Securities (USA) Inc. are the joint lead arrangers for the New Senior Secured Credit Facilities.

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