Warner Chilcott Corporation, a specialty pharmaceutical company, focuses on developing, manufacturing, marketing, and selling branded prescription pharmaceutical products primarily in the United States. It offers its products in two therapeutic categories, women’s healthcare and dermatology. The company’s principal products include Loestrin 24 Fe and FEMCON FE, which are used for the prevention of pregnancy; Estrostep, which is used for the prevention of pregnancy and treatment of moderate acne in women who desire oral contraception; and FEMTRACE and FEMHRT, used for the oral treatment of vasomotor and urogenital symptoms associated with menopause. Its products also comprise Estrace Cream, a...
100 Enterprise Drive
Rockaway, NJ 07866
Founded in 2004
Warner Chilcott Corporation Enters into Tem Loan Agreement
Oct 3 13
On October 1, 2013, Warner Chilcott Corporation, (WC Corporation), Warner Chilcott Company, LLC, a limited liability company organized under the laws of the Commonwealth of Puerto Rico and Warner Chilcott Finance LLC (WC Finance), as a subsidiary guarantor, became parties to that certain WC Term Loan Credit and Guaranty Agreement (the WC Term Loan Agreement) dated as of August 1, 2013, by and among Actavis plc (formerly known as Actavis Limited) as parent guarantor, Bank of America, N.A., as administrative agent thereunder and a syndicate of banks participating as lenders. Pursuant to the WC Term Loan Agreement, on the Closing Date, the lenders party thereto provided loans to the WC Borrowers in a total aggregate principal amount of $2.0 billion, comprised of (i) a tranche pursuant to which loans were made in USD to each of the WC Borrowers in a total aggregate principal amount of $1.0 billion, which loans will mature on the third anniversary of the Closing Date and (ii) a tranche pursuant to which loans were made in USD to each of the WC Borrowers in a total aggregate principal amount of $1.0 billion, which loans will mature on the fifth anniversary of the Closing Date.
Warner Chilcott Holdings Company III, Limited, WC Luxco S.a.r.l., Warner Chilcott Corporation and Warner Chilcott Company, Inc. Amend Credit Agreement
Aug 21 12
On August 20, 2012, Warner Chilcott Holdings Company III, Limited, WC Luxco S.a.r.l., Warner Chilcott Corporation and Warner Chilcott Company, Inc., each an indirect subsidiary of Warner Chilcott plc, Bank of America, N.A. as administrative agent for the lenders, and the lenders named therein executed amendment no. 1 to the credit agreement, dated as of March 17, 2011, among the borrowers, Bank of America, N.A. as administrative agent for the lenders, and the lenders thereunder. Pursuant to amendment no. 1, the borrowers incurred an additional $600 million aggregate principal amount of new term loans which, together with cash on hand, will be used to fund the payment of the dividend and related fees and expenses. The new term loan facilities are comprised of a $300 million Term Loan B-4/5 maturing on August 20, 2017 and bearing interest at LIBOR plus 3.00% and a $300 million Additional Term Loan B-1 maturing on March 15, 2018 and bearing interest at LIBOR plus 3.25%, with a LIBOR floor of 1.00%. Loans under the new Term Loan B-4/5 facility amortize quarterly beginning on December 31, 2012 in an aggregate annual amount equal to a percentage of the original principal amount of the new Term Loan B-4/5 facility as follows: (i) 10% during the first year after funding, (ii) 20% during each of the three subsequent years after funding, and (iii) 30% during the final year. Loans under the new Additional Term Loan B-1 facility amortize quarterly beginning on September 30, 2012 in an aggregate annual amount equal to 1% of the original principal amount of the facility, with the balance payable at maturity. In addition, as a result of amendment no. 1, both the new and existing Term B Loans are subject to a one-year soft call provision pursuant to which the company is required to pay a 1.00% premium or fee on any portion of such Term B Loans that are amended to reduce the total yield thereon or that are refinanced with indebtedness having a lower total yield within one year of the closing. Amendment no. 1 also effected certain other amendments to the credit agreement, including to permit the incurrence of the new Term B Loans, to allow for future incremental facilities under the credit agreement, to permit the payment of the dividend and to amend the financial covenants. The terms of amendment no. 1 require the company and its subsidiaries (on a consolidated basis and subject to certain exceptions) to meet the following financial tests over the term of the new term loans: maintenance of maximum funded indebtedness to consolidated EBITDA of not more than 4.25 to 1, initially, decreasing to 3.50 to 1 over time; and maintenance of minimum consolidated EBITDA to consolidated interest charges of 2.50 to 1.