This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs