/C O R R E C T I O N -- Watson Pharmaceuticals, Inc./
Published on Monday, 25 June 2012 16:18 Written by TradersHuddle Staff
In the news release, Watson Announces Completion of New $1.8 Billion Term Loan Facility, issued 25-Jun-2012 by Watson Pharmaceuticals, Inc. over PR Newswire, we are advised by the company that the first paragraph, first sentence, should read "Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced that it has entered into a new senior unsecured term loan facility in an aggregate principal amount of $1.8 billion" rather than "Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced that it has entered into a new senior secured term loan facility in an aggregate principal amount of $1.8 billion" as originally issued inadvertently. The complete, corrected release follows:
Watson Announces Completion of New $1.8 Billion Term Loan Facility
PARSIPPANY, N.J., June 25, 2012 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced that it has entered into a new senior unsecured term loan facility in an aggregate principal amount of $1.8 billion. Borrowings under the new term loan facility bear interest, at a rate equal to LIBOR plus an expected margin of 1.50%, which is subject to a ratings based margin grid. The new five year term loan is fully prepayable.
The term loan financing will be used, in conjunction with the issuance of senior notes, to fund the previously announced proposed acquisition of Actavis, which is scheduled to close in the fourth quarter of this year. Watson plans to issue the senior notes later this year prior to the close of the acquisition.
On May 21, 2012, Watson amended its $500 million five year revolving credit facility dated September 16, 2011 to increase the borrowing capacity by $250 million. The Revolving Credit Facility provides an aggregate principal amount of $750 million in senior unsecured revolving loans. The revolving loans may be borrowed, repaid and re-borrowed for a term of five years and, subject to certain minimum amounts, may be prepaid in whole or in part without premiums or penalties. Amounts borrowed under the Revolving Credit Facility may be used to finance working capital needs and other general corporate purposes.
Please refer to the 8K filed with the Securities and Exchange Commission on May 23, 2012 for additional details on the amended revolving credit facility.
About Watson Pharmaceuticals, Inc.
Watson Pharmaceuticals, Inc. is an integrated global specialty pharmaceutical company. The Company is engaged in the development, manufacturing, marketing and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women's Health. The Company is also developing biosimilar products in Women's Health and Oncology. Additionally, Watson distributes generic and branded pharmaceuticals through its Anda, Inc. distribution business. Watson has operations in many of the world's established and growing international markets.
For press release and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com.
Statements contained in this press release that refer to non-historical facts are forward-looking statements that reflect Watson's current perspective of existing information as of the date of this release. It is important to note that Watson's goals and expectations are not predictions of actual performance. Actual results may differ materially from Watson's current expectations depending upon a number of factors, risks and uncertainties affecting Watson's business. These factors include, among others, the inherent uncertainty associated with financial projections; successful close and subsequent integration of the Actavis acquisition and the ability to recognize the anticipated synergies and benefits of the Actavis acquisition; the anticipated size of the markets and continued demand for Watson's and Actavis' products; the impact of competitive products and pricing; the receipt of required regulatory approvals for the Actavis acquisition transaction (including the approval of antitrust authorities necessary to complete the acquisition); access to available financing (including financing for the acquisition) on a timely basis and on reasonable terms; risks of fluctuations in foreign currency exchange rates; the risks and uncertainties normally incident to the pharmaceutical industry; and such other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 and Watson's Annual Report on Form 10-K for the year ended December 31, 2011. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.
SOURCE Watson Pharmaceuticals, Inc.
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