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Warner Chilcott plans $600 million of term loans with recapitalization
By Sara Rosenberg
New York, Aug. 7 - Warner Chilcott plc expects to get $600 million of new senior secured term loans under its existing credit facility in connection with a recapitalization, according to a news release.
Proceeds will be used with cash on hand to fund a special dividend to ordinary shareholders of $4 per share, or about $1 billion in total.
The dividend is conditioned on the amendment of the existing credit facility to allow for the new debt.
Closing is expected before the end of the third quarter.
Warner Chilcott is a Dublin-based specialty pharmaceutical company.
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