Warner Chilcott may redeem its 8¾% notes using proceeds set aside for possible Sanofi put option

By Susanna Moon

Chicago, Dec. 11 - Warner Chilcott plc said it may repurchase or redeem its outstanding 8¾% senior subordinated notes due 2015 using proceeds from a $350 million delayed-draw term loan facility.

The company entered into senior secured credit facilities to pay for a possible put option by Sanofi-Aventis U.S. LLC associated with a change of control triggered by its acquisition of the global branded prescription pharmaceuticals business of Procter & Gamble Co. on Oct. 30.

If Sanofi does not exercise the put, Warner will seek an amendment to the facilities to allow using the delayed-draw term loan facility or a new facility to repurchase or redeem its 8¾% notes.

The company said it can offer no assurance that Sanofi will not exercise the put, that it will obtain an amendment to the facilities or that it will choose to repurchase or redeem the notes.

Warner Chilcott is a Rockaway, N.J.-based specialty pharmaceutical company.

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