Prestige completes $230M acquisition of TheraTears from Akorn, refinances term loan.

Prestige Consumer Healthcare Inc.

Acquired TheraTears and other OTC brands from Akorn Operating Company for $230M cash, closed July 1, 2021.
Deal expected to add ~$60M annual revenue, ~$0.10 EPS, ~$13M operating cash flow.
Expected annual EBITDA ~$20M, tax benefits ~$30M; transaction valued at <10x pro-forma EBITDA.
Financed via cash, ABL revolver, and new $600M Term B-5 Loans (LIBOR+2%, floor 0.5%, maturity 2028).
Announced Q1 fiscal 2022 earnings release scheduled for August 5, 2021, conference call at 8:30 a.m. ET.

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