Warner Chilcott amendment/repricing fails to get lender consents

By Sara Rosenberg

New York, Jan. 27 - Warner Chilcott plc's amendment/repricing was officially unable to pass - as was expected by lenders - and, therefore, the proposal was terminated, according to a market source.

Under the amendment proposal, the pricing on the term loan B-1 and B-2 would have been reduced to Libor plus 325 basis points from Libor plus 350 bps.

Also, the Libor floor on the term loan B-1, term loan B-2 and term loan A would have been cut to 1.75% from 2.25%.

Lenders were given until the end of day Tuesday to consent to the amendment after an extension was granted from the end of last week.

In order for the amendment/repricing to go through, the company needed majority consent from its bank loan lenders.

Credit Suisse is the administrative agent, but Bank of America is the left lead on the deal.

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

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