Dublin's Perrigo Co. plc said it entered a $1 billion senior unsecured revolving credit agreement and a €350 million senior unsecured term loan credit agreement.
The revolving credit agreement has a five-year maturity, while the term loan credit agreement will be subject to 3.125% quarterly amortization.
The company will use borrowings under the revolving credit agreement for working capital and other general corporate purposes, among others. Meanwhile, borrowings under term loan credit agreement will go toward refinancing debt.
Additionally, amounts outstanding under the credit agreements will bear interest, at Perrigo and its unit Perrigo Finance's option, at the alternate base rate or at the Eurocurrency rate.
JPMorgan acted as administrative agent for the lenders in both credit agreements, with HSBC Bank USA NA and Wells Fargo Bank NA as their syndication agents.
The credit agreements replace similar facilities Perrigo made in December 2014, which were terminated March 8.
