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Warner Chilcott plc
WCRX today announced that it has completed an amendment to its
existing senior secured credit facilities, pursuant to which it has incurred
an additional $600 million aggregate principal amount of new term loans. The
new term loan facilities are comprised of a $300 million Term Loan B-4/5
bearing interest at LIBOR plus 3.00% with a five-year maturity, and a $300
million Additional Term Loan B-1 bearing interest at LIBOR plus 3.25% with a
LIBOR floor of 1.00% and maturing on March 15, 2018. As previously announced,
the Company intends to use the proceeds from the new term loans and cash on
hand to fund a special cash dividend to its shareholders of $4.00 per share,
or approximately $1.0 billion in the aggregate, and to pay related fees and
expenses.
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