Warner Chilcott launches $1.64 billion credit facility

By Sara Rosenberg

New York, Jan. 4 - Warner Chilcott Corp. held a bank meeting on Tuesday to launch its proposed $1.64 billion senior secured credit facility (B), according to a market source.

Deutsche Bank and Credit Suisse First Boston are the lead banks on the deal.

The facility consists of a $1.25 billion term loan B talked at Libor plus 275 basis points, a $240 million delayed-draw term loan and a $150 million revolver talked at Libor plus 275 basis points, the source said.

Proceeds, along with proceeds from a $750 million senior subordinated notes offering, will be used to help fund the acquisition of Warner Chilcott plc by DLJ Merchant Banking, JP Morgan Partners, Bain Capital and Thomas H. Lee.

Warner Chilcott is a Craigavon, U.K.-based branded pharmaceutical manufacturer and marketer.

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