Covis Finco restates $954 million credit agreement as AMAG buy closes

By Wendy Van Sickle

Columbus, Ohio, Nov. 17 – Covis Finco and Covis Midco 2 Sarl entered into an amended and restated credit agreement on Monday with Capital One, NA as administrative agent that provides for $954 million in five tranches, according to an 8-K filing with the Securities and Exchange Commission.

The amendment and restatement came in connection with Covis’ acquisition of AMAG Pharmaceuticals Inc., which guarantees Covis Finco’s obligations under the credit agreement.

The tranches include

• A $52 million five-year first out term loan facility, of which approximately $8 million was funded at closing in the form of incremental term loans;

• A $527 million five-year last out term loan facility, of which approximately $132 million was funded at closing in the form of incremental term loans;

• An $18 million five-year delayed-draw first out term loan facility;

• A $302 million five-year delayed-draw last out term loan facility; and

• A $55 million five-year revolver.

Covis Finco may request one or more incremental term loan facilities so long as Covis Finco satisfies a certain net total leverage ratio.

Covis is a Luxembourg-based specialty pharmaceutical company. AMAG is a Waltham, Mass.-based commercial-stage biopharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.