Talecris amends revolver, permitting notes sale for loan repayments

By Sara Rosenberg

New York, Oct. 13 - Talecris Biotherapeutics Holdings Corp. amended its revolving credit facility, allowing for the sale of notes, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Proceeds from the notes must be used to repay first- and second-lien term loans.

On Tuesday, the company announced a private placement of $550 million of senior notes that will be used to repay some revolver debt, in addition to the term loans.

Furthermore, the amendment increases the covenant baskets for permitted acquisitions to $250 million, permits the payment of cash dividends and increases the capital expenditure baskets to $225 million in each of 2010 and 2011.

Also, the amendment provides that the company will not be subject to any limitation on capital expenditures in any fiscal year if its leverage ratio as of the end of the prior fiscal year was 2 to 1 or less.

The amendment was expected to be completed on Tuesday, subject to execution of definitive documentation and the payment of a lenders' fee.

Wachovia and Wells Fargo Foothill are the lead banks on the deal.

Talecris is a Research Triangle Park, N.C.-based biotherapeutic and biotechnology company.

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