Amneal Pharmaceuticals, Inc. (AMRX): debt financing — Amneal refinances $2.13B term loans extending maturity to 2028; ABL facility upsized to $600M

Amneal Pharmaceuticals, Inc.

Exchanged $2.13B of existing term loans due 2025 for new term loans due 2028; remaining $192M old loans unchanged.
New term loan interest margin set at 5.50% (SOFR) vs 3.50% on old loans; 5% exchange fee paid to consenting lenders.
ABL revolving credit facility increased to $600M with maturity June 2, 2027; margins 1.25%-1.50% over SOFR.
No financial covenants in new term loan agreement; secured by substantially all assets of loan parties.
Transaction completed on Nov 14, 2023; total new term loans outstanding $2.35B.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Amneal Pharmaceuticals, Inc. incurred term loan of $2,351,646,740.86 with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent at term SOFR benchmark rate or the base rate, plus an applicable margin maturing May 4, 2028.

Instrument: term loan
Principal: $2,351,646,740.86
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent
Rate: term SOFR benchmark rate or the base rate, plus an applicable margin
Maturity: May 4, 2028
Event: incurrence

Exact text from the filing

under the Existing Term Loan Credit Agreement is $191,979,259.14 and the aggregate principal amount of New Term Loans outstanding under the New Term Loan Credit Agreement is $2,351,646,740.86. The Existing Term Loan amortizes in equal quarterly installments in an amount equal to 1.00% per annum of the original principal amount thereof, which payments have been reduced

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Amneal Pharmaceuticals, Inc. amended term loan with JPMorgan Chase Bank, N.A., as administrative agent.

Instrument: term loan
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Event: amendment

Exact text from the filing

On November 14, 2023, the Company, together with certain of the Existing Term Loan Lenders (the “Consenting Lenders”), entered in to an amendment to the Existing Term Loan Credit Agreement (the “Term Loan Amendment”),

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Amneal Pharmaceuticals, Inc. entered into New Term Loan Credit Agreement with Consenting Lenders (or their relevant affiliates) and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (effective 2023-11-14).

Action: entry
Agreement: credit facility
Counterparty: Consenting Lenders (or their relevant affiliates) and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent
Effective: 2023-11-14

Exact text from the filing

On November 14, 2023, the Company entered into that certain Term Loan Credit Agreement (the “New Term Loan Credit Agreement”) among the Company, as borrower, the Consenting Lenders (or their relevant affiliates) (the financial institutions from time to time party thereto as lenders, collectively, the “New Term Loan Lenders”) and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Amneal Pharmaceuticals, Inc. amended Term Loan Amendment with Consenting Lenders (effective 2023-11-14).

Action: amendment
Agreement: credit facility
Counterparty: Consenting Lenders
Effective: 2023-11-14

Exact text from the filing

On November 14, 2023, the Company, together with certain of the Existing Term Loan Lenders (the “Consenting Lenders”), entered in to an amendment to the Existing Term Loan Credit Agreement (the “Term Loan Amendment”)

View on SEC.gov

10 debt financings filed in the last 30 days. Browse all debt financings →

Amneal Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-277184

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