Mylan NV completed a private offering of €500 million of floating-rate senior notes due May 24, 2020.
The notes bear interest at a rate per annum, reset quarterly, equal to the sum of three-month Euro Interbank Offered Rate plus 0.50%, as determined by the calculation agent for the notes, provided, however, that the minimum interest rate for the notes is zero.
Interest on the notes is payable quarterly in arrears every Feb. 24, May 24, Aug. 24 and Nov. 24, beginning Aug. 24, 2017. The notes cannot be redeemed at the option of the company.
The notes were issued under an indenture involving the company, with Mylan Inc. as guarantor and Citibank NA London branch as trustee, paying agent, transfer agent, registrar and calculation agent.
Mylan used net proceeds to repay, prepay, redeem or otherwise refinance its term credit agreement, dated Nov. 22, 2016, and to pay fees and expenses associated with the refinancing.