Perrigo amends existing revolving and term loan credit agreements

By Marisa Wong

Madison, Wis., Nov. 20 – Perrigo Co. plc entered into an amendment to its revolving credit agreement dated Sept. 6, 2013 with Barclays Bank plc as administrative agent and HSBC Bank USA, NA as syndication agent, according to an 8-K filing with the Securities and Exchange Commission.

Perrigo also amended its term loan credit agreement dated Sept. 6, 2013 with Barclays as administrative agent and HSBC as syndication agent.

The company amended the credit agreements to, among other things, release the guarantors of their guarantees under the credit agreements and waive any applicable requirements to maintain the guarantees and permits the incurrence of new senior debt in connection with its planned acquisition of Omega Pharma Invest NV.

The amendments exclude the effect of the new senior debt from the calculation of the financial covenants, so long as the proceeds are held in a segregated account and remain unused pending the completion of the acquisition.

The company entered into the amendments on Nov. 19.

Earlier this month, the company announced that it entered into a €1.75 billion senior unsecured 364-day bridge loan facility in connection with the acquisition.

The company had said it would either solicit consents to amend the terms of its existing revolver and term loan, replace the existing agreements with new facilities with similar terms or replace the existing term loan with $300 million and €800 million of term loans and the existing revolver with a $1 billion revolver.

Based in Dublin, Perrigo manufactures and markets over-the-counter drugs.

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