Graceway Pharmaceuticals sets Dec. 6 launch for roughly $730 million credit facility

By Sara Rosenberg

New York, Nov. 29 - Graceway Pharmaceuticals Inc., a GTCR Golder Rauner, LLC portfolio company, has scheduled a bank meeting for Dec. 6 to launch its about $730 million credit facility, an informed source told Prospect News.

Bank of America is the lead bank on the deal.

The facility consists of a $30 million revolver, a roughly $500 million first-lien term loan and a roughly $200 million second-lien term loan, the source said.

Proceeds will be used to fund the acquisition of 3M Co.'s pharmaceutical business in the United States, Puerto Rico, Canada and Latin America for $875 million.

As part of the transaction, Chester Valley Pharmaceuticals, Inc., another GTCR portfolio company, will merge into Graceway. Chester Valley, based in Malvern, Pa., is a specialty dermatology company focused on acquiring, in-licensing, developing and commercializing branded prescription products.

Graceway is a Bristol, Tenn., pharmaceutical company focused on acquiring, in-licensing and developing branded prescription pharmaceutical products.

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