Allergan gets $800 million amended and restated revolver

By Sara Rosenberg

New York, April 4 - Allergan Inc. closed on an $800 million amended and restated revolving credit facility due March 31, 2011, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

JPMorgan Chase Bank is the administrative agent, Citicorp USA Inc. is syndication agent and Bank of America is documentation agent.

Under the facility, the borrowers may obtain committed loans, which are funded by all of the lenders, or competitive bid loans, which are funded by the lenders that offer the most favorable terms for the requested loan or loans. Both committed loans and competitive bid loans may be funded in dollars, euros, Canadian dollars, Japanese yen, British pounds sterling and Australian dollars.

Committed loans can carry an interest rate ranging from Libor plus 15 to 65 basis points depending on the company's senior unsecured long term debt credit rating and use.

Commitment fees on the revolver can range from five to 75 bps depending on the senior unsecured long-term debt credit rating.

The facility, which closed March 31, includes a $60 million subfacility for letters of credit.

Allergan is an Irvine, Calif.-based company involved in the development and commercialization of pharmaceutical products for the ophthalmic, neurological, medical aesthetics, medical dermatological and other specialty markets.

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