Indivior amends and extends finance facilities

Indivior has entered into an amendment with various lenders to provide replacement term loan facilities in an aggregate principal amount of approximately $484m, it announced on Tuesday, replacing all of its dollar and euro-denominated term loans outstanding under the existing credit agreement.

The FTSE 250 company sadi the new term loan facilities reduced the group's interest coupon to LIBOR plus 4.50%, from LIBOR plus 6.00%.

It said the final maturity date had been extended by three years from 19 December 2019 to 18 December 2022.

“These facilities replace and refinance the group's previous borrowing facilities,” Indivior’s board said in its statement.

“The amount of Indivior's total borrowings and its total leverage is unaffected as a result of this transaction.”

Specifically, Indivior said its wholly-owned subsidiaries Indivior Finance S.à r.l., Indivior Finance (2014) LLC and RBP Global Holdings, had entered into a second amendment to its existing credit agreement, originally entered into on 19 December 2014.

The second amendment was arranged by Morgan Stanley Senior Funding and J.P. Morgan Chase Bank with various lenders to provide the replacement term loan facilities.

In addition, the board said the second amendment included the replacement and refinancing of the group's existing $50m revolving credit facility with $50m 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,” the board confirmed.