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Perrigo Company Limited Announces Offering Of $2,300,000,000 Senior Notes

ALLEGAN, Mich., Nov. 5, 2013 /PRNewswire/ -- Perrigo Company Limited, a limited company incorporated under the laws of Ireland ("Issuer"), announced that it has commenced an offering of Senior Notes due 2016, Senior Notes due 2018, Senior Notes due 2023 and Senior Notes due 2043, in an aggregate principal amount of $2,300,000,000.

(Logo: http://photos.prnewswire.com/prnh/20120301/DE62255LOGO )

The Issuer intends to use the net proceeds from the offering, together with proceeds from its credit facilities and certain cash, to fund the cash purchase price of the previously announced acquisition (the "Acquisition") by Perrigo Company, a Michigan Corporation ("Perrigo") (NYSE/TASE: PRGO), of Elan Corporation, plc, a public limited company incorporated under the laws of Ireland ("Elan"), to refinance certain outstanding indebtedness of Perrigo and to pay related fees and expenses.

The offering of the notes is expected to close prior to the consummation of the Acquisition. Pending consummation of the Acquisition, the net proceeds from the offering (after payment of certain hedging and other transaction related expenses) will be deposited into an escrow account. If the Acquisition is not consummated for any reason on or prior to April 29, 2014, which may be extended in certain circumstances to July 29, 2014, the proceeds from the offering will be used to redeem the notes at a redemption price of 101% of the aggregate principal amount of the notes, plus accrued and unpaid interest to, but not including, the redemption date.

The notes will be guaranteed on a senior unsecured basis by (i) upon the closing of the offering, certain of the Issuer's subsidiaries that were formed for the purpose of facilitating the Acquisition, (ii) substantially concurrently with the consummation of the Acquisition and the release of the escrow property from the escrow account, Perrigo and certain subsidiaries of Perrigo that will guarantee the Issuer's new term loan credit facility and revolving credit facility (together, the "Permanent Credit Facilities") and (iii) within 60 days after the consummation of the Acquisition, Elan and certain of Elan's subsidiaries that will guarantee the Permanent Credit Facilities.

Stock quotes in this article: PRGO 

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