Indivior amends and extends $534m debt facilities

RNS Number : 7185Z

Indivior PLC

19 December 2017

 

Indivior Announces Repricing and Maturity Extension of Term Loan Facilities and Replacement of Credit Facility

Slough, UK and Richmond, VA, 19 December 2017 - Indivior PLC (LON: INDV) today announced that it has entered into an amendment with various lenders to provide replacement term loan facilities in an aggregate principal amount of approximately $484 million, replacing all of the Group's U.S. dollar and Euro denominated term loans outstanding under the existing credit agreement.

The new term loan facilities reduce the Group's interest coupon to LIBOR plus 4.50% from LIBOR plus 6.00%. The final maturity date has been extended by three years from 19 December 2019 to 18 December 2022.

These facilities replace and refinance the Group's previous borrowing facilities. The amount of Indivior's total borrowings and its total leverage is unaffected as a result of this transaction. Specifically, Indivior PLC's wholly-owned subsidiaries Indivior Finance S.à r.l., Indivior Finance (2014) LLC and RBP Global Holdings Limited (collectively "the Group"), have entered into a second amendment to its existing credit agreement, originally entered into on 19 December 2014, which second amendment was arranged by Morgan Stanley Senior Funding, Inc. and J.P. Morgan Chase Bank, N.A. (collectively "the Banks") with various lenders to provide the replacement term loan facilities

In addition, the second amendment included the replacement and refinancing of the Group's existing $50 million revolving credit facility with $50 million of new revolving credit commitments that were unfunded at close. The revolving credit facility, under which any outstanding amount would bear interest at LIBOR plus a percentage rate ranging from 3.75% to 4.25% depending on the Group's total leverage, matures on 18 December 2022.

About Indivior

Indivior is a global specialty pharmaceutical company with a 20-year legacy of leadership in patient advocacy and health policy while providing education on evidence-based treatment models that have revolutionized modern addiction treatment. The name is the fusion of the words individual and endeavour, and the tagline "Focus on you" makes the Company's commitment clear. Indivior is dedicated to transforming addiction from a global human crisis to a recognized and treated chronic disease. Building on its global portfolio of opioid dependence treatments, Indivior has a strong pipeline of product candidates designed to both expand on its heritage in this category and address other chronic conditions and co-occurring disorders of addiction, including alcohol use disorder and schizophrenia. Headquartered in the United States in Richmond, VA, Indivior employs more than 900 individuals globally and its portfolio of products is available in over 40 countries worldwide. Visit www.indivior.com to learn more.

Forward-Looking Statements

This press release may contain certain statements that are forward-looking and which should be considered, amongst other statutory provisions, in light of the safe harbour provisions of the United States Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements involve risk and uncertainty as they relate to events or circumstances that will or may occur in the future. Actual results may differ materially from those expressed or implied in such statements because they relate to future events. Forward-looking statements include, among other things, statements regarding our financial guidance for 2017 and our medium- and long-term growth outlook, our operational goals, our product development pipeline and statements regarding ongoing litigation.

Various factors may cause differences between Indivior's expectations and actual results, including: factors affecting sales of Indivior Group's products; the outcome of research and development activities; decisions by regulatory authorities regarding the Indivior Group's drug applications; the speed with which regulatory authorizations, pricing approvals and product launches may be achieved; the outcome of post-approval clinical trials; competitive developments; difficulties or delays in manufacturing; the impact of existing and future legislation and regulatory provisions on product exclusivity; trends toward managed care and healthcare cost containment; legislation or regulatory action affecting pharmaceutical product pricing, reimbursement or access; claims and concerns that may arise regarding the safety or efficacy of the Indivior Group's products and product candidates; risks related to legal proceedings; the Indivior Group's ability to protect its patents and other intellectual property; the outcome of patent infringement litigation relating to Indivior Group's products, including the ongoing ANDA lawsuits; changes in governmental laws and regulations; issues related to the outsourcing of certain operational and staff functions to third parties; uncertainties related to general economic, political, business, industry, regulatory and market conditions; and the impact of acquisitions, divestitures, restructurings, internal reorganizations, product recalls and withdrawals and other unusual items.

This press release does not constitute an offer to sell, or the solicitation of an offer to subscribe for or otherwise acquire or dispose of shares in the Company to any person in any jurisdiction to whom it is unlawful to make such offer or solicitation.

###

Media Contacts

US
[e-mail]
[phone]

UK
Tulchan Communications
[phone]

Investor Contact

Jason Thompson, Indivior
Vice President, Investor Relations
[phone]
[e-mail]

 

END

 

 

UPDUWVARBUAUAUA